Sainsburys, 6 High Street, Durrington, SP4 8BD
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Franck Steier Price has recently completed the acquisition of a Sainsburys Local investment in Durrington on behalf of Local Shopping REIT.
The property extends to 5,443 sq.ft on the ground floor and there is a separate residential apartment on the first floor.
The ground floor convenience store is let to Sainsbury’s Supermarkets Ltd for a term of 15 years from 30 January 2006. The lease is held on full repairing and insuring terms subject to five yearly upward only rent reviews. The current rent is £57,000 per annum.
The first floor has been sold on a long leasehold basis to Quay Estates Ltd for a term of 999 years from 1 January 2006 at a ground rent of a peppercorn per annum.
The property was acquired for £790,000 which reflected a net initial yield of 6.82%, after purchaser’s costs of 5.80%. Steven Ossack represented the vendor, a private investor.
