Deals Done
Tesco Express, Madelines, Forton Road, Gosport, PO12 4TL [21 December 2011]
Acting on behalf of Foundation UK Property, we are delighted to have purchased and subsequently sold the former Madelines public house in Forton Road, Gosport. The property was bought with vacant possession and a letting was immediately entered in to with Tesco Stores Ltd on a new 20 year FR&I lease at an initial passing rent of £48,000 pa, with a tenants option to break in 2026. The lease therefore provided 15 years term certain, and benefitted from RPI-linked uplifts throughout the term, subject to a cap of 4% and a collar of 0%.
Price paid; £390,000
Price sold; £741,000 reflecting a net initial yield of 6.12% after the deduction of full purchasers costs of 5.8%.
For further information, please contact a member of the team on 020 7734 7766.