Acting on instructions from Internos Global Investors, Cheetham & Mortimer have negotiated the disposal of a 4,878 sq ft convenience store investment to Synergie Investments Ltd.
The property comprises a former public house which has been converted to provide a modern convenience store, set on a large site area of 1.046 acres. The property is let at a passing rent of £58,927 per annum with provision for an RPI linked rent review in November 2019. Upon completion, there were 7.5 years remaining until expiry and the property achieved £810,000, reflecting a net initial yield of 6.82%.
Josh Moores, Surveyor at Cheetham & Mortimer commented “The sale is an indicator of continued investor confidence in the convenience store sector from the private investor market.”