Tesco Express, Wagon and Horses, West Road, Congleton, Cheshire, CW12 4HB
Franck-Steier Price has recently completed the sale of the former Waggon & Horses Public House in Congleton on behalf of Marstons Pub Company.
The property has been sold to Portway Investments Limited on a freehold basis and subject to a lease on the ground floor to Tesco Limited for a term of 20 years (break at 10).
As part of the deal Marstons Pub Company has undertaken a substantial upgrade of the property and Tesco is paying a rental of £55,000 (£12.68 per sq.ft) on the ground and first floors which totals 4,336 sq.ft
The purchase price was £804,000 which reflects a net initial yield of 6.46% assuming usual costs of purchase of 5.80%.
The purchaser was represented by Shortland Penn & Moore.