Sainsburys Local, Vernon Arms, 16 Waverley Street, Nottingham, NG7 4DY
Franck-Steier Price Ltd (FSP) has recently completed the sale of a Sainsburys Local investment on behalf of a developer client.
The property is located to the north of Nottingham city centre to Nottingham Trent University’s main campus and opposite Nottingham High School.
The property comprises a former public house extending to 4,244 sq.ft on ground, basement and first floor with 15 car parking spaces.
The property is let on a new 15 year lease to Sainsbury’s Supermarkets Ltd (tenant break at year 10) at a rent of £65,000 per annum. The lease is subject to 5 yearly reviews to annually compounded RPI (collared at 1.5% and capped at 3.5%).
The property sold for £1,000,000 which reflects a net initial yield of 6.14%, after purchaser’s costs of 5.8%. The purchaser, a private investor, was represented by NG Chartered Surveyors.