Property overview

Atlas Real Estate has recently completed the acquisition of a new build petrol filling station in Brixham, Devon on behalf of Cooper Estates.

The property is located on New Road in Brixham and comprises a new build petrol filling station and convenience store.  The property is let to . The property is let to Sainsbury’s Supermarkets Ltd for a term of 20 years from June 2017.  The lease is held on full repairing and insuring terms subject to 5 yearly upward only reviews to compounded RPI collared and capped at 2% and 4% per annum respectively.  The commencing rent is £168,000 pa.  The tenant has an option to break the lease on expiry of the 15^th year.

The purchase price of £3,005,000 reflected a net initial yield of 5.25%.  The vendor was Rontec, represented by CBRE.