Franck-Steier Price has recently concluded the acquisition of a prominent supermarket investment in Fazakerley, Liverpool.
The property lies on the A506 in a densely populated residential area of the city.
The property is 16,002 sqft on 1.3 acre site with 60 car spaces. The unit was let to Co-operative Foodstores Ltd on a 25 year lease on FRI terms from 14 September 2006. The lease is guaranteed by Co-operative Group Ltd. The current passing rent is £231,599 – £14.47 per sqft.
The rent is reviewed 5 yearly with fixed increases to £258,853 in 2021 and £289,314 in 2026.
The property was acquired for a private client who paid £3,600,000, reflecting an initial yield of 6.04%, a reversion to 6.75% in 2021 and 7.55% in 2026.
Christopher Dee acted for the vendor.