Franck-Steier Price has recently concluded the acquisition of a new build, pre-let Halfords Autocentre investment in Cheltenham.
The property is located on Wymans Lane, on the edge of Kingsditch Trade Park on the edge of the town in the main trade area. Other retailers and trade users in the immediate area include, Booker, Evans Cycles, Toolstation, Screwfix & Buildbase.
The property was pre-let to Halfords Autocentres on a 20 year FRI lease to Halfords Autocentres Ltd on FRI terms from April 2017. The lease has a tenant option to break at Year 15. The rent is reviewed 5 yearly to RPI with a collar and cap of 1% – 3%. The initial rent agreed was £69,900 per annum – £12.00 per sqft.
The property was acquired for a private charity client who paid £1,400,000, reflecting an initial yield of 4.71%.
Evolve Fund Services acted for the vendor.