Property overview

Franck-Steier Price Ltd (FSP) has recently completed the acquisition of a prominent convenience store in the village of Ruddington, on the outskirts of Nottingham.

The retail unit is located in the village centre and has 11 on site car spaces.

The property extends to 4,245 sqft and is let on a 15 year term from 22 January 2011. The tenant has an option to break at Year 10. The current passing rent is £52,500 per annum (£12.36 per sqft).

The property was purchased in only 5 working days for a private client at a price of £725,000 which reflected a net initial yield of 6.84%, assuming purchaser’s costs of 5.8%.  The vendor was represented by HEB & FHP.