On behalf of BPG, a recently completed sale of a prominent convenience store with separate upper floor offices in Solihull town centre.
Situated opposite the Poplar Arcade entrance into Touchwood Shopping Centre on the corner of High Street and Poplar Road, the property comprised of a Tesco convenience store with separate multi let upper floor offices.
The convenience store is let to Tesco Stores Ltd on a 20 year lease from September 2018 with the tenant having a 10 year break option. The passing rent is £155,000 per annum. There are 5 yearly upward only reviews to RPI, collared at 0% and capped at 2.5% per annum compounded.
The office accommodation comprises small suites over two floor and let off a low average rent of under £12.50 per sq.ft. The total rent is £189,532 per annum.
The property sold for £2,800,000 to a private investor reflecting a net initial yield of 6.36%. 4D Properties acted for the purchaser.