Mellersh & Harding have successfully negotiated the purchase of a prime leisure investment in Birmingham’s central business district on behalf of National Friendly.
The entire property is let on a new 15 year full repairing and insuring lease to David Lloyd Leisure Limited. The initial rent of £110,000 per annum is subject to yearly upward only rent reviews linked to the Retail Price Index (RPI) with a collar and cap of 2% and 4%, thus providing a guaranteed annual increase in rent.
The purchase price of £1,725,000 reflects a net initial yield of 6%.
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