A Stoke-on-Trent convenience store let to the Co-operative Food Group has been acquired by a private investor for £1.33m.
NewRiver REIT plc, the specialist convenience and community led retail and leisure investor, constructed the purpose-built convenience store in Longton for the Co-op as part of their ongoing partnership with the convenience retailer. To date, NewRiver has delivered 25 convenience stores for the Co-op and is on-site with its 26th store.
The new store, which is located in the affluent area of Longton near the Trentham Estate in Stoke-on-Trent, has been acquired by a private investor.
The 4,200 sq ft retail premises, which is situated on Heathcote Street next to the Old Sal public house in Longton, is let to the Co-operative Group on a 15-year lease, with indexed linked rent reviews providing in built rental performance.
Following an extensive nationwide search for suitable investment opportunities on their behalf, Birmingham property consultants Vail Williams LLP, successfully negotiated the freehold acquisition for £1.33m.
Richard Goodall, the partner at Vail Williams who advised the investor, a longstanding client of the firm, throughout the acquisition process, commented: “Having researched several potential opportunities across the UK, we found that this freehold investment met with our client’s requirements, providing strong income security and an attractive initial yield of 5.2%, with a reversion in May 2021.”
Speaking of the deal, the investor, who wished to remain anonymous, concluded: “Having found a property that fitted in well with my portfolio requirements, Richard Goodall and his colleagues at Vail Williams helped me negotiate a way through a particularly complex transaction with professionalism and great determination, leading to a very satisfactory conclusion.”
AHBN LLP advised NewRiver REIT plc.