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.