Property overview

Acting on behalf of a private property company client, Franck-Steier Price Ltd (FSP) has concluded the sale of the Barclays Bank in Cannock town centre.

The unit has been occupied by Barclays for a number of years, they currently occupy on a lease which expires in June 2021. The current rent passing is £56,000 per annum.

There was competitive interest from a number of private investors who were looking at the well secured income stream and a market rent.

The purchaser was a private property company, who paid a price of £725,000, reflecting a net initial yield of 7.3%. Johnson Fellows acted for the purchaser.