Tesco Express, Unit 1, Bulford Road, Durrington, SP4 8HA
Franck-Steier Price have recently concluded the sale of a Tesco Express unit in Durrington, Wiltshire, on behalf of H22 Ltd.
The property comprises a single storey retail unit of 371.61 sq.m (4,000 sq.ft) which is situated in a development of four retail/leisure units on the edge of Durrington town centre.
The property is let on a 15 year lease with effect from 27 May 2008 to Tesco Stores Ltd at a passing rent of £51,000 per annum. The lease is held on full repairing and insuring terms and is subject to five 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 £850,000 reflecting a net initial yield of 5.67% assuming costs of 5.7625%.