Acting on behalf of retained client The Rowe Group, property consultancy Alder King has advised on the forward funding of a new Costa drive-thru in Hardwicke, Gloucester for £1.5 million, reflecting a net initial yield of 5.25%.
The 1,800 sq ft property was pre-let to Costa Ltd on a new 15 year lease at £80,000 per annum, subject to five yearly RPI linked rent reviews.
Alder King’s building consultancy team provided development monitoring during construction. The firm’s property management team has now taken on the management of the property.
Alder King is exclusively retained by The Rowe Group to provide property services. The developer Loc8 Group was advised by Savills in Bristol.