11/09/14
RO Real Estate, the UK commercial property investment and development company, has completed the acquisition of Westacre Service Station in Salisbury, Wiltshire, for £1.9 million from Aureus Property Limited.
RO Real Estate, the UK commercial property investment and development company, has completed the acquisition of Westacre Service Station in Salisbury, Wiltshire, for £1.9 million from Aureus Property Limited.
Westacre Services is an Esso fuel filling station and
convenience store located on the A36 Wilton Road, which is one of the major
routes in and out of Salisbury towards Wilton and the A303. The property is
currently let to Flying Visit Limited on a 15 year lease (from March 2010) at a
rent of £150,705 per annum, providing a net initial yield of 7.46% after
purchaser’s costs.
In addition there are
a number of fuel sale and retail operators keen to secure the prominent site
and it also has excellent prospects for residential conversion in the future.
This purchase is part of RO’s acquisition programme to
invest in core income and value-add opportunities in the South of England. RO
Real Estate will continue this programme throughout 2014 and still has a
significant amount of cash to reinvest on lot sizes between £2-5 million, which
offer the opportunity to add value through active asset management.
Richard Bourne, head of RO Real Estate, said: “This
acquisition will help improve the quality and performance of our portfolio as
the opportunity offers long term secure income in a strong location with future
potential to add value”.
RO Real Estate was advised by HSM Chartered Surveyors.
Aureus Property Limited was advised by Barber Wadlow.
For further information:
Richard Bourne, RO Real Estate 0207 025 1780
Faye Walters, Tavistock Communications 020 7920 3150
Notes to Editors:
RO Real Estate is a privately-owned company specialising in commercial property investment and development in the south east. It is the property division of the RO Group, which has majority interests in businesses involved in residential development, high-quality holiday lodge developments, domiciliary and specialist care services and the development of utility-scale solar energy projects.
RO Real Estate is a privately-owned company specialising in commercial property investment and development in the south east. It is the property division of the RO Group, which has majority interests in businesses involved in residential development, high-quality holiday lodge developments, domiciliary and specialist care services and the development of utility-scale solar energy projects.
