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%.