Sold
Penkridge, Staffordshire – Co-op, Boscomoor Shopping Centre
Co-op, Boscomoor Shopping Centre, Wolverhampton Road, Penkridge, ST19 5NS
Offers in excess of £3,150,000
- Property Type:
- Commercial
- Sub Type:
- Retail
- Net Initial Yield:
- 5.00%
Income
£167,500 pa
Description
- Well located supermarket in the attractive village of Penkridge.
- Let to Co-operative Foodstores Limited, guaranteed by Co-operative Group Food Limited, on a full repairing and insuring lease until 2035 with no breaks.
- Producing an income of £167,500 pa.
- The rent is subject to 5-yearly annually compounded CPI linked reviews, subject to a collar of 1% and cap of 3% p.a.
- Virtual Freehold – New 999 year lease.
- Prominent single storey supermarket forming part of a larger shopping scheme.
- Lease re-geared in 2020, showing the tenant’s commitment to the location.
- Store recently rebranded to the new Co-op livery.
- The property measures approximately 13,731 sq ft.
- The vendor is seeking offers in excess of £3,150,000 subject to contract and exclusive of VAT. Based on this level of pricing, the net initial yield reflects 5.00%, assuming standard purchasers costs.