Tesco Express and Break Charity, 9-11 Norwich Road, Thetford, IP24 2HT
Franck Steier Price and Savills have recently completed the sale of a retail and residential investment on behalf of a property company client.
The modern ground floor retail scheme comprises two ground floor shops. The residential element comprises 10 flats over two floors, 4 two bed apartments and the remainder one beds. The ground floor Tesco extends to 2,780 sqft, the Break charity unit is 795 sqft.
The freehold was sold with a combined rent passing of £102,540 per annum. Tesco have an expiry in 2024 while Break has a lease expiry in 2027 with a break option in 2018. All the flats were let on AST’s.
The investment sold for £1,300,000 which reflected a net initial yield of 7.46% off the gross rent and after purchaser’s costs of 5.80%.
The property was purchased by a private property company.