Property overview

Tesco, Claregate, 34 Codsal Road, Wolverhampton, WV6 9ED

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Aug 2014

Franck-Steier Price Ltd (FSP) has recently completed the sale of a new purpose built convenience store on behalf of Marstons Pub Company.

The property has been sold to a private investor. The property was built adjoining the existing Claregate pub on the outskirts of Wolverhampton. The unit is let to Tesco on a new term of 20 years with a tenant option to break at 10.

The initial rent of £49,500 per annum equates to  £12.19 per sq.ft. The property extends to 4,062 sq.ft with 6 designated car park spaces.

The purchase price was £755,000 which reflects a net initial yield of 6.2% assuming usual costs of purchase of 5.80%.

The purchaser was represented by Shortland Penn & Moore.