Property overview

Tesco Express, Former Robin Hood Public House, Kirklington Road/Southwell Road East, Rainworth, Nottinghamshire, NG21 0AE

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Mar 2013

Franck-Steier Price Ltd (FSP) has recently completed the sale of the former Robin Hood Public House in Rainworth on behalf of Marstons Pub Company.

The property has been sold to CRT Property Investments Limited on a freehold basis and subject to a lease on the ground floor to Tesco Limited for a term of 20 years (break at 10).

As part of the deal Marstons Pub Company has undertaken a substantial upgrade of the property and Tesco is paying a rental of £48,000 (£11.42 per sq.ft) on the ground floor which totals 4,201 sq.ft

The purchase price was £680,000 which reflects a net initial yield of 6.67% assuming usual costs of purchase of 5.80%.

The purchaser was represented by DTZ Leeds.