Property Details: • Type: 1,805 sq ft • Tenure: N/A • Floor Area: N/A
Key Features: • A purpose-built Costa Coffee drive-thru investment in a prominent position fronting Horner Way (A4099) in Blackheath town centre. • Construction is underway for a 1,805 sq ft building on a site area of 0.46 acres, with the provision of 24 car parking spaces, including 2 EV charging spaces. • Project is planned to reach practical completion in November 2024. • Property to be let to Costa Limited on a 15 year FRI lease at £110,000 p.a., subject to 5 yearly CPI rent reviews with a cap of 3% and a collar of 1% p.a. • Prominent roadside position, directly opposite Sainsbury's Superstore and petrol filling station. • 1.7 miles from Junction 2 of the M5 motorway. • Seeking offers of £1,882,000 (One Million Eight Hundred and Eighty Two Thousand pounds). • A purchase at this level reflects a Net Initial Yield of 5.5%, assuming standard purchasers costs of 6.8%.
Location: • Nearest Station: Rowley Regis Station • Distance to Station: 0.4 miles
Agent Information: • Address: 26 King Street, Manchester, M2 6AY
Full Description: The property will comprise of a purpose built Costa Coffee Drive Thru. Works have commenced on site and landlord works are due to complete in November 2024.
The full planning consent can be accessed via the Sandwell Planning Portal under reference DOC/24/00734 and DC/23/68795.
The property has a target GIA of 1,805 sq ft and sits within a site of 0.46 acres. The completed landscaped site will provide a drive-thru lane and 24 car parking spaces, including 2 disabled spaces and 2 EV charging spaces.
The property is strategically located within Blackheath fronting Horner Way (A4099), a busy arterial road which forms part of the town centre ring road.
There is an Agreement to Lease in place for a new 15 year FRI lease to Costa Limited at £110,000 per annum. The lease is subject to 5 yearly CPI linked rent reviews with a cap of 3% and a collar of 1%.
Costa Ltd was founded in 1971 and with over 3,800 stores across 31 countries and over 18,000 employees, Costa Coffee is the second largest coffee house chains in the world and the largest in the UK. The Coca Cola Company acquired Costa Coffee in 2019 for $4.9BN.
