Waitrose Supermarket and Council Car Park Funding Opportunity, Market Place, Bromsgrove, B61 7AB
Hinton Developments, represented by FSP, has exchanged contracts with a private investor on the forward funding of a new Waitrose supermarket and Council car park in Bromsgrove town centre.
Construction on the new supermarket and 86 space car park will commence shortly with practical completion expected in March 2017.
The supermarket is pre-let to Waitrose Ltd and the car park to Bromsgrove District Council. Both leases are for 15 years with 5 yearly reviews to compounded CPI collared at 1% and capped at 3% per annum. The total income is £190,240 per annum.
The development funding sold for £3,600,000 which reflected a net initial yield of 5.15%.
Mark Atkins Associates represented the purchaser.