Shortland Penn + Moore’s Birmingham office has helped purchase a further investment for Wulstan Capital.
SP+M advised on the purchase of newly completed Tesco Express in Codsall Road, Wolverhampton, for £755,000 and it is one of four purchases completed in recent weeks by Wulstan.
The firm has a further four deals in solicitors’ hands, which total £4.7million.
The Tesco Express is let on a 20-year lease with a 10-year break from June 2014 at a rent of £49,500 per annum and the purchase reflects a net yield of 6.2 per cent.
The development, carried out by Marston’s, is a single storey building of 4,062 sq ft, with adjacent car park for 28 cars, and is situated adjacent to the Castlegate Pub
David Allen, of Shortland Penn + Moore, said: “The continuing popularity of convenience store investments providing both a suitable lot size for private purchasers combined with excellent security of income from well-known national supermarket operators is creating a very buoyant investment market in this sector.”
Marston’s was represented by Franck Steier Price.
