Supermarket Morrisons is looking to capitalise on strong private investor demand for drive-through outlets at the next Acuitus sale on 19 October.
The company is offering the Costa Coffee drive-through in Leamington Spa (pictured) with a guide of £1m-£1.1m.
The outlet next to a Morrisons supermarket and petrol station is let to Costa until 2030 and produces £65,000 pa.
Acuitus last sold a Costa Coffee drive-through last December, achieving a 4.76% yield for an investment in Lichfield, Staffordshire.
Six of the nine drive-through outlets it has sold since 2012 – with covenants including McDonald’s and KFC – have achieved sub-6% yields (see table).
“Drive-throughs have been very popular as investors like the operators because they are well-known brands with good business models,” said Acuitus auctioneer Richard Auterac. “The buildings tend to be new and well located. The leases tend to be new also and to be for an attractively long time.”
The latest Acuitus catalogue offers 120 lots for vendors including Mapeley, Wesleyan and LPA receivers and administrators at Savills, Knight Frank and Moorfields.
Other high-value investments include Castleton Court and Transtech House in St Mellons, Cardiff, a 42,841 sq ft freehold office investment, producing income of £207,450 pa and guided at £2m-£2.1m.
A freehold retail and residential investment in Southend-on-Sea, comprising a shop with six refurbished flats and producing £127,500 pa, is offered with a guide of £1.5m.
More high street banks are also expected to attract investors, with an HSBC on Queen Victoria Street in Reading offered with a guide of £1.35m, a yield of circa 7%.
The auction will take place at the Radisson Blu Portman Hotel, W1.
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