Phase I, Woodlands III, Festival Way, Stoke on Trent
Acting on behalf of St Modwen Pensions, Franck-Steier Price Ltd (FSP) has recently concluded the sale of a modern trade counter investment at Festival Park, Stoke on Trent.
The unit forms part of the successful Festival Park mixed commercial park.
The property comprises a detached trade unit extending to 361.2 sq.m (3,888 sq.ft).
The property is let on a 15 year lease from December 2010 to Sally Salon Services Ltd at a passing rent of £22,200 per annum. The lease has 5 yearly upward only reviews. The tenant also has an option to break in August 2021.
The purchaser was a private trust, who paid a price of £292,000, reflecting a net initial yield of 7.25%.