BP/M&S Petrol Filling Station, Falkirk Road, Linlithgow, EH49 7PH
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Franck Steier Price has recently completed the off market acquisition of a modern BP/M&S on behalf of Axa Real Estate.
The property is located in Linlithgow town centre opposite Stockbridge Retail Park and adjacent to a Sainsburys supermarket. The property is currently being full redeveloped following completion of the lease and on completion will comprise a new BP petrol filling station with M&S convenience store.
The property is let to BP Oil UK Ltd for a term of 25 years from November 2015. The lease is held on FRI terms with annual increases to 2%. The tenant has an option to break the lease in the 20th year. The commencing rent is £120,000 per annum.
The investment was purchased for £2,175,000 which reflected a net initial yield of 5.00%, after purchaser’s costs of 5.80%.
The property was sold by MFG, represented by Barber Wadlow.
