Property overview

Co-op, Former Barley Mow, 103 Buddle Lane, Exeter, EX4 1QT

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Jul 2013

Franck-Steier Price Ltd (FSP) has recently completed the acquisition of a convenience store investment for a private client.

The Exeter property is let to Southern Co-operative Ltd on a new 15 year lease from 28 March 2013. The current passing rent is £62,500 per annum, there are 5 yearly RPI reviews with a collar/cap of 1-4%.

The property was purchased for a price of £875,000 which reflected a net initial yield of 6.75%, assuming purchaser’s costs of 5.8%.  The vendor was unrepresented.