GCW has acquired a Starbucks unit on the A259 near Pevensey on behalf of the existing franchisee occupier, Euro Garages.
The Starbucks drive-to unit sits behind the M&S and BP petrol station on Bexhill Road outside Pevensey. Euro Garages occupied the property on a 25 year lease from 2017 paying £33,743 pa which reflects a rent of £12.92 per sq ft. They bought this in for £753,000 reflecting a net initial yield of 4.22%.
The deal continues GCW’s involvement in the roadside convenience sector where the petrol filling station and roadside food market remains buoyant with competition for highly visible and prominent sites with high traffic flow.
GCW is also advising GSE on the development of the Waterbrook Retail & Leisure Park in Ashford, Kent. This scheme, adjacent to GSE’s existing truck stop business will be anchored by a food store alongside two drive-thru units and a petrol station, all of which attracted multiple bids. The scheme has outline consent with a detailed application due to be submitted in the first quarter of 2019.