Tesco and Ladbrokes, 169-175 Croydon Road, Penge, London, SE20 7TY
Franck-Steier Price has recently concluded the sale of a long leasehold investment let to Tesco and Labrokes on Croydon Road, Penge, London on behalf of David Hardaker’s company H22 Ltd.
The property is prominently situated on Croydon Road and comprises two adjoining retail units totalling 496.93 sq.m (5,349 sq.ft) with 18 car parking spaces to the front elevation.
Unit 1 is let to Tesco Stores Ltd for 15 years from 26 May 2006. The lease is held on full repairing and insuring terms with 5 yearly upward only reviews to RPI, collared and capped at 2% and 4% per annum. The current rent is £74,055 per annum.
Unit 2 is let to Ladbrokes Betting and Gaming Ltd for 15 years from 19 June 2006. He lease is held on full repairing and insuring terms with to 5 yearly upward only reviews. The rent is £35,000 per annum.
The purchaser was a private investor, who paid a price of £1,795,000 reflecting a net initial yield of 5.75% assuming costs of 5.7625%.
This is the fourth sale FSP have concluded on behalf of H22 Ltd having also recently sold Tesco Express investments in Lincoln, Durrington, Wiltshire and Bexhill, East Sussex.