Costa & KFC Drive Thru Restaurants, Castlegate Business Park, Dudley, DY1 4TA
Stoford Developments, represented by Atlas Real Estate, has completed the forward funding of a £2.38m leisure development at Castigate Business Park, Dudley.
The development comprises two new build drive thru restaurants with 76 car parking spaces on a site of 1.41 acres. The units are let for 15 years term certain to Costa Ltd and Queensway Hospitality Ltd (t/a KFC) with a total income of £151,200 per annum. Both leases have 5 yearly upward only reviews to RPI.
The purchase price represents a net initial yield of 6.00%.
The purchaser, L&G was represented by JLL.