Edwards & Co Acquire Off-Market Convenience Store for Private Clients
Acting on behalf of private clients, Edwards & Co acquired a 7,492 sq ft convenience store for £1,227,000, reflecting 5% Net Initial Yield.
The Co Op, situated on Whalley New Road in Wilpshire, is a former converted pub occupying a large prominent corner site immediately next to the train station. It is let with over 12 years unexpired at an annual rent of £65,000. The lease has the benefit of RPI linked rent reviews and a parental guarantee.
Martin Hamer of Edwards & Co comments "We were delighted to acquire this property for our clients, especially given prevailing market conditions. This is an iconic local building on a very prominent site at the entrance to the Ribble Valley. It is well let to a secure covenant, and the strong underlying fundamentals of a large car park and its proximity to the train station, undoubtedly lends itself to future alternative use."