Topps Tiles, 14-20 Bell Green Road, Coventry, CV6 7GP
Franck-Steier Price has recently concluded the sale of a Topps Tile unit in Coventry for a private client.
The property comprises a former Kwik Save which extended to 669 sq.m (7,203 sq.ft) with a 3 bed flat also included within the demise. The property was situated on a main road just off the A444 and close to the Gallagher Retail Park. The site had a rear service yard and 16 car parking spaces.
The property is let on a 15 year lease from October 2000 to Multi Tile Ltd at a passing rent of £41,000 per annum. The lease had five yearly upward only reviews which could reflect the historic open A1 food consent. The October 2010 review was outstanding with a potential significant reversion due.
The purchaser was a private property company, who paid a price of £604,000 reflecting a net initial yield of 6.42%.