Burger King - Havant
Grant Mills Wood were appointed by clients to dispose of an investment property let to a Burger King franchisee in Havant Hampshire.
The investment was let for 58 years at a rent of £100,521 pa with 5 year rent reviews that were linked to open market value or 3.5% compounded. The property was occupied by a Drive Thru restaurant of 2,500 sq.ft with 27 car spaces occupying a corner plot at the entrance to the main retail area of Havant. The opportunity was marketed and a best offers date was set which resulted in a number of proposals. The sale was transacted in 10 working days to a major local investor at an initial yield of 4.5% .
This instruction was part of an ongoing advisory role to the client and resulted in a sale price in excess of that predicted. It enabled Grant Mills Wood to bring into play their marketing skills and knowledge of likely purchasers.