5th February 2020
Alder King advises Rowe Group on new Gloucester Costa drive-thru
Acting on behalf of retained client The Rowe Group, Alder King’s investment team 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 a comprehensive range of property services. Oli Stretton, partner in the firm’s investment team, commented: “On behalf of The Rowe Group, we are seeking to identify and secure further investment opportunities, in particular those offering secure long-dated income, and have cash funds readily available.”
The developer Loc8 Group was advised by Savills in Bristol.