Property overview

Leisure Development, Castigate Business Park, Dudley

exchanged

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£2,380,000
Dec 2015

Stoford Developments, represented by FSP, has exchanged contracts with L&G on the forward funding of a £2.38m leisure development at Castigate Business Park, Dudley.

The development will comprise two new build drive thru restaurants with 76 car parking spaces on a set of 1.41 acres.  The units are pre let for 15 years term certain to Costa Ltd and Queensway Hospitality Ltd (t/a KFC) with a total income of £151,200 per annum.

Practical completion of the development is expected in June 2016.

The purchase price represents a net initial yield of 6.00%.

L&G was represented by JLL.