Kwik Fit, Eastfield Farm Road, Penicuik
On behalf of an offshore investor, we have sold this investment to a private investor represented by Galbraith.
The property occupies a prominent site adjacent to Tesco, which is the principal supermarket in the town.
The property comprises a stand-alone trade/industrial unit and is let to Kwik Fit GB Ltd, with Kwik Fit Holdings Ltd acting as guarantor, on a 25 year lease from 1st December 2008, expiring 30th November 2033 at a current rent of £39,787 pax, subject to five yearly reviews to Market Value. There are therefore just under 14 years unexpired on the term.
A price of £630,000 was paid reflecting a net initial yield of 6%.