Property overview

Atlas Real Estate have recently completed the acquisition of a new build drive-thru investment on behalf of Colia Investments.

The property is located on the A46 Northbound, between Warwick and the M40 at Junction 15.

The property comprises a purpose built Starbucks drive-thru investment extending to 3,000 sq ft. The unit featured new associated car parking and landscaping as well as a drive-thru lane.

The property is let to Euro Garages Ltd until September 2042. The commencing rent is £52,500 per annum, increasing each year by £500 for the first 5 years. On the 5^th anniversary the rent will be reviewed to CPI with a collar and cap of 1-3% compounded. The passing rent for review purposes will be £55,000 per annum.

The property provided excellent, indexed linked long dated income to a strong tenant covenant of Euro Garages. Euro Garages also have the right to renew the lease for a further 25 years at a commencing rent equal to the final passing rent of the previous lease.

The property was acquired for £1,045,000 which reflected an initial yield of 4.75%.

The property was sold by MCS acting on behalf of themselves.