Tesco Express, 51 Cooden Sea Road, Bexhill on Sea, TN39 4SL
Franck-Steier Price have recently concluded the disposal of a forward funding development pre-let to Tesco Stores Ltd on behalf of H22 Ltd.
The development is located in a busy suburb of Bexhill on Sea on Cooden Sea Road two miles west of the town centre. The property will comprise a ground floor retail unit of 418.06 sq.m (4,500 sq.ft) with 10 residential apartments above. The residential apartments are to be retained by the vendor. The retail unit benefits from 12 car parking spaces.
The retail unit is to be let to Tesco Stores Ltd for a term of 15 years from practical completion. The commencing rent will be £60,750 per annum. The lease is to be held on full repairing and insuring terms subject to 5 yearly upward only reviews to RPI, collared and capped at 1% and 4% per annum.
The purchaser was a private investor, represented by Steadman Brierley, who paid a price of £1,050,000 for the long leasehold interest reflecting a net initial yield of 5.47% assuming costs of 5.7625%