Property overview

Topps Tiles, Unit 1, Genesis One, Morelands Business Park, Glastonbury, BA6 9FW

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Mar 2015

Franck Steier Price has recently completed the acquisition of a trade counter investment behalf of Wulstan Capital.

The property is located on Genesis One a modern trade park prominently situated on the A39, 1 mile west of the town centre.  The property comprises a semi detached modern trade counter unit extending to 6,500 sq.ft.

The property was sold subject to a sale and leaseback to Topps Tiles UK Ltd for a term of 15 years from completion.  The lease is held on full repairing and insuring terms subject to 5 yearly upward only reviews to open market value.  The rent is £40,000 per annum.

The purchase price of £590,000 reflected a net initial yield of 6.41% after purchaser’s costs of 5.80%.

The vendor was represented by Curson Sowerby.