Rayne Road Service Station, Rayne Road, Braintree, Essex CM7 2QS
Prime Freehold Investment Opportunity
Attractive Art Deco building in a prime Soho location, offering both leisure and office accommodation.
- Freehold, modern development comprising Applegreen forecourt and Londis convenience store, together with Subway outlet.
- Strong trading pitch, fronting the B1256 Rayne Road, which acts as the principal road into Braintree town centre from the west.
- Adjacent to Lidl supermarket and the Braintree Community Hospital a short distance to the east. The property also benefits from a high-density residential catchment.
- Let in its entirety to Petrogas Group UK Limited (net worth: £128m) and guaranteed by Applegreen Plc (net worth: €361m).
- New 20-year lease from 29 March 2019, expiring 28 March 2039. Tenant option to break at end of Year 15 (29 March 2034).
- Rent: £170,000 per annum with five-yearly, upwards-only rent reviews linked to RPI (subject to increase cap of 110% and collar of 105%). Rent at the first review (29 March 2024) will therefore increase to a minimum of £178,500 and a maximum of £187,000 per annum.
- We are instructed to seek offers in excess of £2,660,000 (Two Million Six Hundred & Sixty Thousand Pounds). This price equates to a Net Initial Yield of 6.01% (based upon standard purchaser’s costs of 6.41%).