Acting on behalf of a property company client we have acquired, by way of a forward funding, a new Waitrose supermarket and Council car park in Bromsgrove town centre. Construction on the new 9,250 sq ft supermarket and 86 space car park will complete shortly with an anticipated store opening date of May 1st 2017. The supermarket is let to Waitrose Ltd and the car park to Bromsgrove District Council. Both leases are for 15 years with 5 yearly reviews to compounded CPI collared at 1% and capped at 3% per annum. The total income is £190,240 per annum.The development was acquired for £3,600,000 which reflected a net initial yield of 5.15%. FSP acted for the developer, Hinton Properties.


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