Ernesford Grange Neighbourhood Shopping Centre, Quorn Way, Binley, Coventry, CV3 2JU
Franck Steier Price, jointly with Allsop, has recently completed the sale of a neighbourhood shopping centre in Coventry on behalf of White Rock Properties.
The property is located in a densely populated residential suburb of Coventry and comprises seven retail units, an office, two residential apartments and two storage units extending to 14,612 sq.ft.
The retail units are let to the strong covenants of Tesco, Domino’s Pizza, Co-op and Ladbrokes with a WAULT of 7 years to break and 9 years to expiry. The total income is £159,313 per annum.
The property is held long leasehold for a term of 150 years from March 2008 with a ground rent of £20,950 per annum.
The purchase price of £1,675,000 reflected a net initial yield of 7.80% after purchaser’s costs of 5.80.
The purchaser was Holwood Investments represented by SP+M.