Property overview

Franck Steier Price has recently completed the sale of a new build convenience store on behalf of a private property client in the village of Whitwell.

The new build convenience store extended to 4,200 sqft and included 14 designated car parking spaces.  The property was let to Co-operative Wholesale Group Ltd on a 15 year lease. There are 5 yearly RPI reviews with collar and cap of 1-4%. The initial rent was £57,375 per annum (£13.66 per sqft).

The purchase price of £910,000 reflected a net initial yield of 5.96% after purchaser’s costs of 5.80%.

The investment was purchased by a private investor.