Retail property in Formby sells for over a Million, exceeding all expectations

A Formby retail property which was previously a sweet shop and the Freshfield Animal Rescue shop has just been sold for a lot more than the asking price and exceeded over £1,000,000

Acting on behalf of private clients, Legat Owen have sold the freehold investment of 37-39 Queens Road, Formby, of which the entire property was let to Co-Operative Group Food Limited (T/A Co-Op) for a term of 15 years from 26 September 2016 at a rent of £55,000 per annum.

Following a competitive bidding situation the property was sold to a charitable trust for £1.083m reflecting a net initial yield of 4.8%.

James Lutton of Legat Owen, who handled the sale said: "The demand for the property exceeded everyone’s expectations which followed through to a number of bids and securing a sale well in excess of the asking price which was offers in the region of £900,000 for the freehold."

The Co-op took over the lease in September last year, investing a near £600,000 on the building and creating 20 new jobs. They combined the two shops together and added an extension to the rear. Opening it's doors on 17th November, the local residents have said it is the best thing that has happened on shoreside for years, they love it! One resident said: "Suely this brings up the house prices in the local area. It can ony be a good thing."

The new store also brought a funding boost to local community groups through the Co-op’s new Membership