Frank-Steier Price Ltd. Leading niche commercial property investment practice Logo for Midlands Property Awards 09
Back

January 2020

Lees Corner Service Station, Uxbridge Road, Hillingdon Heath, Hillingdon, Middlesex, UB10 0NZ

IMG_1601

LondonMetric, represented by Franck-Steier Price, has recently completed the off-market acquisition of a prime modern petrol filling station and convenience store in London.

The property is prominently located on A4020 Uxbridge Road in the borough of Hillingdon, London.

The property comprises a 2007 built petrol filling station and convenience store extending to 3,120 sq.ft on a site of 0.54 acres.

The property is let to Co-operative Foostores Ltd, guaranteed by Co-operative Group Food Ltd for a term of 20 years commencing on 21 June 2007.  The lease is held on full repairing and insuring terms.  There is a reversionary lease in place held on the same terms and expiring on 22 December 2034.  The leases are subject to annual reviews on 21 June to 2.5% pa compounded.  The current rent is £164,872 pa.  The vendor is providing a top up to the June 2020 fixed increase of £168,169 per annum.

The property was acquired from a private investor, represented by Barber Wadlow, for £3,480,000 which reflects a net initial yield of 4.54%.

Back