The Rex Centre, Maskew Avenue, Peterborough, PE1 2AS
Franck Steier Price has recently completed the sale of a trade counter investment on behalf of a private client.
The property is located just north of Peterborough city centre on the A15 next to Maskew & Boulevard Retail Parks. The two purpose built, detached trade counter units have communal central parking and are occupied by Topps Tiles and Sally Salon Services.
The units extend in total to 8,464 sqft on a site of 0.47 acres.
The units are let to Sally Salon Services Ltd and Multi Tile Ltd, both 5A1 covenants. The AWULT is 7.3 years to expiries and 2.3 years to break. The Topps Tiles lease has annual RPI reviews with a collar/cap of 3-5%. The combined rent is £120,369 per annum.
The property was sold to a private investor for £1,710,000 which reflected an initial yield of 6.63%.