Franck-Steier Price has recently completed the acquisition of a new build petrol filling station in Brixham, Devon on behalf of Cooper Estates.
The property is located on New Road in Brixham and comprises a new build petrol filling station and convenience store. The property is let to . The property is let to Sainsbury’s Supermarkets Ltd for a term of 20 years from June 2017. The lease is held on full repairing and insuring terms subject to 5 yearly upward only reviews to compounded RPI collared and capped at 2% and 4% per annum respectively. The commencing rent is £168,000 pa. The tenant has an option to break the lease on expiry of the 15th year.
The purchase price of £3,005,000 reflected a net initial yield of 5.25%. The vendor was Rontec, represented by CBRE.