Tesco Express, Fore Street, Westbury, BA1 3AY
Franck-Steier Price has recently concluded the sale of a Tesco Express unit in Westbury on behalf of Calderwood Investments, the second development they have sold for the company over the last 12 months.
The property comprises a former car showroom which has been converted into a convenience store unit of 416 sq.m (4,475 sq.ft). The property is situated on the main road through the town on a prominent corner plot. The site has 116 car parking spaces.
The property is let on a 15 year lease from March 2010 to Tesco Stores Ltd at a passing rent of £55,200 per annum. The lease is held on full repairing and insuring terms and is subject to five yearly upward only reviews to RPI with a collar of 1% and a cap of 4%.
The purchaser was a private investor, represented by Mark Brearley & Co, who paid a price of £950,000 reflecting a net initial yield of 5.5%.