Property overview

Franck-Steier Price Ltd (FSP) have recently completed the acquisition of a Sainsburys retail investment on behalf of a private investor from Birmingham based developer Coltham.

The property is prominently situated on High Street, Poole and is part of a mixed use retail and residential scheme. Sainsburys have a ground floor retail unit of 4,500 sq.ft and committed to a 15 year lease from October 2008. The current rent is £65,000 (£14.44 per sqft). The lease has 5 yearly upward only reviews linked to RPI.

The property was purchased for £1,117,000 which represents a net initial yield of 5.50%, assuming full costs of purchase of 5.75%. The property was sold by Coltham (Orchard) Ltd direct.