Property overview

Hawkstone Properties, represented by Atlas Real Estate, has exchanged contracts with a Sheffield Mutual Friendly Society,  on the forward funding of a new trade counter scheme in Spalding.

Construction on the units has commenced with practical completion expected in January 2021.

The property comprises a Starbucks Coffee Drive Thru unit and a terrace of three trade counter units and a gym with tenants including Greggs, Toolstation, Formula One Autocentre and Snap Fitness.  The scheme is fully pre-let with an average income to break of 10 years and a total commencing rent of £204,740 per annum.

The development funding sold for £3,200,000 which reflected a net initial yield of 6.00%.