Howie Property sells Wakefield drive-through and development plot
Howie Property has sold a franchised Starbucks drive-through and an adjacent development plot in Wakefield, West Yorkshire to a private buyer.
The drive-through aspect of the asset – which is located on at the junction of Doncaster Road and Neil Fox Way – extends to 2,000 sq ft and is held on a full repairing and insuring lease for a term of 20 years from May 2020.
According to marketing material, the property produces a rent of £86,250 per annum, subject to five-yearly RPI-linked rent reviews, capped and collared at 1% and 3% respectively.
Although the sale price was not disclosed, this aspect of the asset was previously handed a price tag of £1,355,805, reflecting a net initial yield of 6.0%.
The development plot aspect comprises a vacant plot which secured planning permission in 2023 for 8,561 sq ft of Use Class E and sui generis space. The approved layout would consist a 3,041 sq ft drive-through unit, a 4,320 sq ft Class E unit, and a 1,290 sui generis unit. This aspect was marketed with an asking price of £1,500,000.
Spitfire Property Agency acted for Howie Property, whilst Alexander James and Stevens & Bolton acted for the buyer.