Property overview

Tesco Express, Durham Road, Blackhill, Consett

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Oct 2009

Franck-Steier Price Ltd (FSP) have recently concluded the sale a forward commitment Tesco Investment on behalf of a private developer.

The development comprises a new build mixed use scheme with a ground floor retail unit and 15 parking spaces to the rear. The property extends to 405.52 sq.m (4,365 sq.ft).

The property is to be let to Tesco Stores Limited on a new 20 year lease from practical completion with a tenant break in the 15th year. The rent is to be £65,475 per annum (£15.00 per sqft). The lease has 5 yearly upward only reviews to RPI.

The purchaser was Sheffield Mutual Friendley Society.  The purchase reflected a net intial yield of 6.00%.