Co-op Convenience Store, Alder Road, Poole, Dorset, BH12 4AX
Franck Steier Price have recently completed the sale of a convenience store investment on behalf of a private client.
The property comprised a newly refurbished and extended unit with ancillary first floor flat. There were 238 on site car parking spaces. The overall retail unit extended to 4,000 sqft.
The property was let to The Southern Co-operative Ltd on a 15 year lease from August 2015. The lease had 5 yearly RPI reviews with a collar and cap of 1% & 3%. The initial rent was £57,000 per annum (£14.25 per sqft).
The investment sold for £970,000 which reflected a net initial yield of 5.55%, after purchaser’s costs of 5.80%.
The property was purchased by a private investor client of MK2.