Convenience Store Investment Deal

Convenience Store Investment Deal

Acting on behalf of private clients Willis Commercial have sold a freehold investment at Dales Drive, Wimborne.

The ground floor, comprising a shop of 1,213 sq ft (112.73 sq m) plus storage of 390 sq ft (36.24 sq m) is let to One Stop Stores Ltd (a wholly owned subsidiary of Tesco) by way of an effectively full repairing and insuring lease granted for a term of 20 years from 29 July 2016.

The passing rent was £26,000 per annum, exclusive. A further income of £400 pa was derived from the grounds rents receivable from two flats over.

One Stop Stores Limited operates over 850 convenience stores and reported a turnover of £1.01 billion in the year ending February 2017 with net assets of £232 million.

The property, which generated strong interest, was sold off an asking price of £380,000.