Tesco Express, Former British Oak, High Road, Willenhall, WV12 4JR
Franck-Steier Price has recently completed the sale of the former British Oak public house in Willenhall on behalf of Marstons Pub Company.
The property has been sold to Cornvalley Limited Investments Limited on a freehold basis and subject to a lease on the ground floor to Tesco Limited for a term of 20 years (break at 10).
As part of the deal Marstons Pub Company has undertaken a substantial upgrade of the property and Tesco is paying a rental of £47,000 (£11.13 per sq.ft) on the ground and basement which totals 4,222 sq.ft
The purchase price was £673,000 which reflects a net initial yield of 6.60% assuming usual costs of purchase of 5.80%.
The purchaser was represented by Bulleys.