LondonMetric Retail Ltd purchase Dorset petrol station for £3.74m
LondonMetric Retail Ltd has acquired a new freehold format Co-operative convenience store and Texaco branded petrol filling station for £3.74m in a sale and leaseback deal, advised by Hartnell Taylor Cook.
The station and store are prominently located to the north east of the attractive historic town of Wareham, in Sandford, some eight miles west of Poole. The site has extensive frontage onto the busy A351 and the store was built in 2018.
The Co-operative Food Group Ltd has taken a 20-year leaseback of the entire premises at a commencing rental of £195,000 per annum. The lease incorporates five yearly rent reviews fixed to CPI increases. The purchase price reflects a net initial yield of 4.85%.
Ian Lambert of acquiring agents, Hartnell Taylor Cook said: “This offered an opportunity to acquire a high quality branded petrol filling station, let for a 20-year term with limited nearby competition at a purchase price pretty much underpinned by vacant possession value”
Hartnell Taylor Cook represented the purchaser. Christopher Dee represented The Co-operative Food Group Ltd.