LM acquires roadside investment for Chelmsford City Council

September 6, 2018

Lunson Mitchenall have successfully negotiated the acquisition of a petrol filling station investment in Chelmsford on behalf of Chelmsford City Council from Fusion Stations Ltd for £3.7m, reflecting a net initial yield of 5.88%.

The investment comprised of an Esso petrol filling station with a Morrisons convenience store located on a prominent 0.42 acre corner site with a dual frontage roadside position. Located to the west of the City Centre on the busy A1016 carriageway / Waterhouse Lane.

The property is  let to Rontec Group Ltd (on assignment from Co-Operative Group Ltd) for a term of 20 years expiring June 2027 at a current passing rent of £231,608 pa. The rent is subject to 2% fixed annual increases throughout the term.

James Cogavin, Director in Lunson Mitchenall’s Investment teams commented “The ability to secure an asset with fixed annual uplifts, with a potential reversion to in excess of 7% and eight years until lease expiry is a good result for our client who was looking to secure a predictable income stream in order to fund local services within the City of Chelmsford. The property sits on a large site which will provide the Council with options in the future for town centre development”.

quote-open

The ability to secure an asset with fixed annual uplifts, with a potential reversion to in excess of 7% and eight years until lease expiry is a good result for our client who was looking to secure a predictable income stream in order to fund local services within the City of Chelmsford
James Cogavin, Director, Lunson Mitchenall

quote-closed

Revo CEO Ed Cooke introducing James Cogavin’s Brickwork music band as the surprise late night entertainment at the Annual Revo Awards @revolatest #lunsonmitchenall
Our Neil Hockin is presenting a 2018 Rising Star award to Pablo Pimienta at @revolatest Annual Dinner #Revo #revogoldawards #lunsonmitchenall
Dreaming of a white Christmas at Ralph Lauren’s store in Bloomingdales - includes its very own ice rink! #ralphlauren #bloomingdales #icerink ☃️
This place is an absolute must if visiting NYC. The world famous Katz’s Deli which is well known for its pastrami and corned beef amongst other deli classics. Go for the Rueben sandwich (on an empty stomach) and you won’t ...

Load More

Sign up for our newsletter to keep up to date with Lunson Mitchenall