October 16, 2015
Hoddell Stotesbury Morgan (HSM) has sold a building occupied by Tesco Express in Bishop’s Stortford, Hertfordshire for £2.1 million on behalf of a private client. The 8,221 sq ft property has been acquired by a private client of Horwitz & Company and reflects a net initial yield of 6.3%.
32/32A South Street, Bishops Stortford is located within the town’s main shopping area and is close to the train station. The property comprises 4,732 sq ft of ground floor sales with ancillary accommodation of 3,489 sq ft on ground and first floors.
The building is let to Tesco Stores Ltd for 15 years from December 2008 at a rental of £140,055 per annum, with an RPI based uplift on rent review in December 2018.