Hinton Developments, represented by FSP, has recently completed the development of a new Waitrose supermarket and Council car park in Bromsgrove town centre.
The supermarket extends to 9,009 sq.ft over ground and first floor and the adjoining car park is 86 spaces.
The supermarket is let to Waitrose Ltd and the car park to Bromsgrove District Council. Both leases are for 15 years with 5 yearly reviews to compounded CPI collared at 1% and capped at 3% per annum. The total income is £190,240 per annum.
The development funding sold for £3,600,000 which reflected a net initial yield of 5.15%. Mark Atkins Associates represented the purchaser, a private investor.