Co-operative Petrol Filling Stations, Bow Road & Caledonian Road, London
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Atlas Real Estate has recently completed the acquisition of two central London petrol filling stations and convenience stores on behalf of LondonMetric Property plc.
The properties are located on Caledonian Road and Bow Road in central London and comprise modern petrol filling stations and convenience stores built in 2006. The properties are let to Co-operatie Foodstores Ltd, guaranteed by Co-operative Group Food Ltd for a further 16 years with annual fixed increases to 2% per annum. The combined total rent is £407,106 per annum.
The properties were acquired for £10,203,000 which reflected a net initial yield of 3.74%. Barber Wadlow represented the vendor, a private investor.
Ben Blackwall, Director at Atlas Real Estate comments ‘These properties are highly prominent central London petrol filing stations with exceptional trading performance. The properties are both significantly reversionary and also offer excellent alternative use potential in the future. The investment profiles suited LondonMetric’s strategy to invest in secure index linked assets in core geographies in the UK.’
