Property overview

Franck-Steier Price Ltd (FSP) has recently completed the sale of a convenience store investment on behalf of a developer client.

The property is situated on a prominant site on the edge of Kidderminster town centre in a predominantly residential area.  The property comprises a two storey former public house that has been converted into two ground floor retail units with a separate first floor flat.  There are 36 on site car parking spaces.

Unit 1 is let to Tates Ltd on a 20 year lease from September 2011 at a rent of £45,000 per annum.  Unit 2 is let to Wyre Forest Veterinary Centre Ltd on a 10 year lease from November 2011 at a rent of £22,000 per annum with a tenant break option in the fifth year.  The flat is let on an AST at a rent of £7,200 per annum.

The property sold for £1,060,000 which reflects a net initial yield of 6.60%.  The purchaser, Sutton Coldfield Municipal Charities.