Sainsbury’s and Costa, Copcut Business Park, Copcut Rise, Droitwich Spa, WR9 7LT
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Atlas Real Estate has completed a sale to St Johns Property High Income Fund on the forward funding of a new Sainsbury’s convenience store and Costa Coffee Drive Thu unit on behalf of Hinton Group.
The property is located immediately to the south-west of Droitwich Spa town centre adjacent to A38 and at the entrance to a new 740 unit housing development.
The property has recently completed construction and comprises a new build supermarket extending to 4,500 sq.ft together with 8 high high EV charging bays let to Sainsbury’s Supermarkets Ltd and adjoining coffee drive thru unit extending to 1,800 sq.ft let to Costa Ltd. The lease terms are both 15 years, without break. Both leases subject to 5 yearly upward only reviews to CPI collared at 1% and capped at 3% per annum compounded. Total income £265,000 per annum.
The development funding sold for £4,320,000 which reflected a net initial yield of 5.85%.
MK2 represented St Johns Property High Income Fund.
