Co-op, Stafford Street, St George’s, Telford, TF2 9JQ
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Acting on behalf of a private investor client Franck-Steier Price Ltd (FSP) has acquired a Co-op convenience store investment in a residential suburb of Telford. The site lies in the St George’s area of the town north east of the town centre. The property fronts directly on to Stafford Street and is surrounded by houses and the local St George’s School.
The property is a former pub which has been converted into a new convenience store. The ground floor sales area extends to 3,340 sqft and there are 9 on site parking spaces to the rear of the store.
The property is let to Co-operative Group food Ltd on a new 15 year lease from November 2020. There is a tenant option to break at Year 10. There are five yearly reviews on the basis of CPI annual compounded increases with collar/cap of 1%-3%. The initial rent is £55,000 per annum.
The building was acquired for £900,000 reflecting a yield of 5.79%.
AHBN acted for the vendor.
December 2020
