Franck-Steier Price Ltd has recently completed the acquisition of a new McDonalds Drive-Thru restaurant at Junction 28 of the M1, South Normanton, for a private overseas investor.
The property extends to 3,552 sq.ft and is let to McDonalds Restaurants Ltd on a new 20 year lease at a rent of £90,000 per annum. The lease is held on fully repairing and insuring terms subject to 5 yearly upward only rent reviews.
The development was fully funded at a price of £1,460,000 which reflected a net initial yield of 5.96% after purchaser’s costs of 3.40%.
FHP represented the developer Langham Park Developments.