Lidl, Warstock Road, Kings Heath, B14 4ST
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Off market acquisition of a prime new build Lidl supermarket in Kings Heath, Birmingham, on behalf of Knight Frank Investment Management.
The property is located on A435, one of the main arterial routes into Birmingham from the south of the city and 1 mile to the south of Kings Heath town centre. The property comprises a new build 22,873 sq.ft Lidl supermarket with a 121 space car park.
The property is let to Lidl GmbH for a term of 25 years from February 2020. The lease is held on full repairing and insuring terms subject to 5 yearly upward only rent reviews to compounded RPI collared at 105.10100501% and capped at 115.92740723% per review period. The commencing rent is £371,702 per annum (£16.25 per sq.ft).
The property was acquired for £8,350,000 which reflects a net initial yield of 4.17%.
The vendor was Godwin Developments.
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