On behalf of a private investor, we have acquired Units 3/3b Isleport Business Park, Highbridge, Somerset, TA9 9BA at a price of £1,825,680 reflecting a net initial yield of 5.1%.
The property forms a new build development comprising a Costa Coffee drive-thru let on a new 15 year lease with a 10 year break at a rental of £68,400 pax, subject to five yearly reviews in line with RPI and a stand-alone 3,394 sq.ft. trade counter unit let to Toolstation on a new 10 year lease at a rent of £30,000 pax with a review and a break clause at the 5th year.
The total rental income is £98,400 pax.
The vendor, Jack Lunn Properties Ltd, were advised throughout by Smith & Company.
David Brackenridge commented “this provided an excellent opportunity for our client to secure a well located new build development with the income secured to two excellent covenants”.