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Investment News
Acting on behalf of a new Private Investor client FHP are extremely pleased to announce the completion of the purchase of 3 Bond End Wharf.
The property comprises a quasi-industrial unit constructed for National Tyre Services over 25 years ago. They recently extended their lease by a further 10 years to expire in December 2024.
The current rent of £40,200 per annum represents 85% of the rack rental value. The purchase price agreed was £625,000 which shows an initial yield of 6%.
Noel Roper, who negotiated the purchase, commented:-
“Although this was a quasi-shed it was surrounded by other retail premises including directly opposite a large store operated by Tesco, together with retail parks to the rear and side. In the event of the tenant wishing to vacate it would be proposed to obtain planning consent for change of use for A1 Retail Premises and if necessary reconfigure/reconstruct the property. It could then easily be let at a rent of anything between £55,000 and £60,000 per annum, depending on the use.
The attractions of this unit therefore are the number of options available to the purchaser as and when vacant possession might or might not be obtained.
END