A property occupied by a Tesco Express in Wiltshire has changed ownership hands for just over £700,000.
Property consultancy Vail Williams sold the freehold investment in Eastbourne Road, Trowbridge, on behalf of a retained private client.
Russell Miller, Vail Williams’ Regional Managing Partner for the South Coast region, said: “The sale of the building to a private investor, for just over £700,000, reflects a net initial yield of 5.75%.
“Our specialist lease advisory team also renewed a long-term lease, providing the new owner with peace of mind regarding rental income.”
It is the second Tesco Express convenience store in the region where Vail Williams have been involved in advisory services.
Last year, on behalf of a private property investor, the firm acquired the freehold of a building in the Bristol suburb of Westbury-on-Trym for £1,250,000.
Russell added: “Well-situated convenience stores continue to attract investment interest, especially where there are longer leases to provide relative income certainty.”
“According to industry figures, the UK convenience store market was worth just over £53 billion last year and is expected to increase by a further £5 billion by 2027.”
Rent details were undisclosed.
