Clifton has completed on the sale of the Co-operative convenience store in Lower Clapton for a private client.
The newly refurbished 3,864 sq ft retail unit is located on Chatsworth Road and is let for a further 11 years at an annual rent of £80,000 per annum.
Private clients of Prideview Group quickly offered in excess of quote to secure the virtual freehold interest. The food store benefits from a guaranteed CPI rental uplift in October 2023, which provides an instant reversion for the buyer. The agreed price of £1,407,500 reflected a NIY of 5.36%, with an estimated reversion to 6%.
Hollie Ruddle, Partner at Clifton Agency stated:
“It was a pleasure working with Pritesh Patel at Prideview to ensure the smooth completion of this deal for our respective clients. We have many other investors looking at acquire similar secure long let investments so please get in touch with any of the team if you would like us to discuss a disposal”.
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