Tesco Express & Residential Investment, 47-49 Hobs Moat Road, Solihull, B92 8JJ
Franck Steier Price has recently completed the sale of a neighbourhood retail and residential investment on behalf of Allmid Ltd.
The property is located on the B425, the main road between Solihull town centre and Sheldon and forms part of a large neighbourhood retail parade.
The property is a prominent end of terrace retail unit let to Tesco and extends to 3,224 sqft. The upper floors comprises two 3 bed maisonettes with separate rear access.
The ground floor is let to Tesco Stores Ltd on a 15 year lease from 24 May 2015. The tenant has a break clause in March 2025. The lease has 5 yearly open market reviews. The passing rent is £42,000 (£13 per sqft). Flat 47A is let on an AST at £8,340 per annum. Flat 49A has been sold on a long lease, expiring in March 2169 with a ground rent of £115 per annum.
The property was sold to a private investor for £752,000 which reflected an initial yield of 6.37%.