96 High Street, Worcester, WR1 2HL
Franck-Steier Price Ltd (FSP) and Sampson Moore have recently completed the sale of a prime retail investment on behalf of a private investor.
The property is located on the western side of the High Street, Worcester, which lies in a strong fashion pitch. The property comprises a traditional brick built retail unit with ancillary accommodation on the first and second floor totalling 2,363 sq.ft.
The property is let to Fat Face Ltd for a term of 25 years from 1989, expiring on 23 June 2014. Fat Face Ltd have agreed a reversionary lease of 10 years from 24 June 2014 providing twelve and a half years unexpired. The current rent is £78,000 per annum.
The investment was purchased for £1,340,000, which reflects a net initial yield of 5.50%. The purchaser was a local charity represented by DTZ.