Acting on behalf of a private client, Franck-Steier Price has acquired a single let, roadside investment on the edge of Wolverhampton town centre.
The property comprises prominent tyre depot of 4,041 sqft.
The property and an advertising hoarding are let to National Tyre Services Ltd for a term of 15 years from July 2010. The current combined rent passing is £50,064 per annum. There are 5 yearly RPI reviews with the next review due in 2020.
The investment was purchased for £720,000, reflecting a net initial yield of 6.6%. CBGA acted for the vendor.