Convenience store sold in £1.3m deal

A Stoke-on-Trent convenience store let to the Co-operative Food Group has been bought by a private investor for £1.3m.

NewRiver REIT, the retail and leisure investor, built the purpose-built convenience store in Longton for the Co-op as part of their ongoing partnership with the convenience retailer. To date, NewRiver has delivered 25 convenience stores for the Co-op and is on-site with its 26th store.

The 4,200 sq ft retail premises, which is situated on Heathcote Street next to the Old Sal public house in Longton, is let to the Co-operative Group on a 15-year lease.

Birmingham property consultants Vail Williams advised on the deal.

Richard Goodall, partner at Vail Williams, said: “Having researched several potential opportunities across the UK, we found that this freehold investment met with our client’s requirements, providing strong income security and an attractive initial yield of 5.2%, with a reversion in May 2021.”

AHBN advised NewRiver REIT.