Alder King advise on £1.5million Costa drive-thru
By Matt Hall | 6th February 2020
Alder King's investment team has advised on the forward funding of a now completed Costa drive-thru in Gloucester.
Acting on behalf of retained client The Rowe Group, the new site in Hardwicke is valued at £1.5 million, reflecting a net initial yield of 5.25%.
The 1,800 square foot property was pre-let to Costa Ltd on a new 15-year lease at £80,000 per annum.
Alder King's building consultancy team provided development monitoring during construction and the firm's property management team has now taken on the management of the property.
Alder King is exclusively retained by The Rowe Group to provide a comprehensive range of property services.
Oli Stretton, partner in Alder King's investment team said: "On behalf of The Rowe Group, we are seeking to identify and secure further investment opportunities, in particular those offering secure long-dated income, and have cash funds readily available."
The developer Loc8 Group was advised by Savills in Bristol.
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