Sutton Coldfield based property consultants Burley Browne have successfully acquired a Freehold convenience store investment, on behalf of a private client, that is let to The Cooperative Group in Stourbridge, West Midlands.
The Purpose built 3255 sq ft modern single storey convenience store located in Stourbridge, West Midlands is occupied and let to The Cooperative Group Food Limited for a term of 15 years from Oct 2019 at a rental of £52,500 pax subject to 5yr RPI rent reviews.
The property investment was being marketed at a Guide Price of Offers in excess of £950,000 reflecting a net initial yield of 5.25%. The final sale price has not been disclosed.
Director David Hemming who identified this investment opportunity and undertook the negotiations for clients commented, “I am absolutely delighted that we have secured such a well let investment for our clients. Although the retail market continues to experience huge challenges, the convenience store market, and in particular investments let to quality operators such as Coop, prove to be an attractive proposition. Even during the current Coronavirus crisis Convenience and Food stores have experienced record levels of trading performance”.
In addition to undertaking negotiations and agreeing the sale price, David was closely involved in organising and coordinating Building Surveyors to advise on condition, and with the legal team concerning the lease and warranties relating to the property’s construction. “Although all deals and transactions can hit problems at times, an important if not vital part of my role in acquiring a property is to maintain a line of communication with all parties, understand, discuss and deal with any issues that arise to ensure that the momentum of the sale process is maintained. This acquisition was no different but as working very much as a team and communicating fully to the client, we were able to bring this matter to a satisfactory and successful conclusion.”.
Burley Browne act for several well-funded clients seeking a wide variety of investment opportunities across all property sectors and across the UK.
