Zood Infrastructure, Brookside Road, Uttoxeter, ST14 8AT
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LondonMetric plc, represented by Atlas Real Estate, has completed on the acquisition of a new Starbucks Drive-Thru and EV charging hub in Uttoxeter.
The property is located opposite Uttoxeter train station and is adjacent to a newly constructed Lidl supermarket. Other operators in the vicinity include Tesco, Waitrose, B&Q and Aldi.
The development will shortly begin construction by EV operator The Electric Vehicle Network and will comprise a new Drive-Thru restaurant extending to 1,819 sq. ft., 26 car parking spaces and 6x 350KVA rapid EV charging units. Practical completion is scheduled for 20 January 2023.
The property is let to Zood Infrastructure Ltd, guaranteed by SEEIT Holdco Ltd, for a term of 30 years from 25 August 2022. The lease is held on FRI terms with 5 yearly upward only reviews to CPI collared at 1% and capped at 4% per annum compounded. The commencing rent is £85,000 per annum.
The tenant has sub-let the Starbucks Drive-Thru unit to Magic Bean Co. Ltd (a Starbucks franchisee) for a term of 20 years.
The property was acquired for £1,770,000. CBRE represented the vendor, Godwin Developments.
Ben Blackwall, Director at Atlas Real Estate comments ‘This acquisition fits well with LondonMetric’s drive-thru strategy with acquiring well located, modern and sustainable roadside investments. The property is let off a highly reversionary rent, with index linked reviews throughout the term and is wholly underpinned by the vacant possession value.’
