The property is prominently located on Holderness Road on the edge of Hull town centre and forms part of the Kingston Shopping Centre. The property comprises a modern McDonald’s Drive Thru restaurant with a 24 hour licence. The property is let to McDonald’s Restaurants Ltd for over 7 years at a rent of £74,640 per annum (low rent of £24.00 per sq.ft). Offers sought in excess of £1,280,000 which reflects a net initial yield of 5.50%.
Franck Steier Price has recently completed the sale of a drive thru investment on behalf of London & Cambridge Properties.
The McDonalds restaurant is located in the established Kingston Shopping Centre on Holderness Road on the east side of the city. The retail scheme was anchored by the likes of Home Bargains, Poundland, Select and Card Factory.
The property comprised a purpose built drive thru restaurant of 3,110 sqft. McDonalds had a 24 hour licence and were on a 25 year FRI lease from May 1999. The passing rent was £74,640 per annum, reflecting £24 per sqft.
The property was sold to a private investor client of 4D Properties for £1,280,000 which reflected an initial yield of 5.5%.