Leisure Development, Castigate Business Park, Dudley
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.