Riverside Capital sells £2.96 million Sittingborne petrol station

Riverside Capital has sold a Co-op petrol filling station and convenience store in Sittingbourne for £2.964 million, returning 1.31x equity to its investors. The acquisition was completed by Atacama, who own a number of similar assets, on 21 November 2017.

The freehold petrol filling station and convenience store, located on Sheppey Way, Sittingbourne is let to Co-operative Foodstores Limited until April 2028.  The lease is subject to open market reviews with the next review in April 2018.

Riverside Capital acquired the asset for its investors in February 2013 for 8.15% net initial yield.  Investors have benefited from a 5% annual income distribution throughout the hold period combined with a capital uplift at exit, with the net sales receipts reflecting 7.13% net initial yield.

Ashley Wilcox, Investment Director at Riverside Capital, said: “Delivering a strong return on equity for our investors has been particularly satisfying given recent negative press surrounding this asset class.  This transaction once again demonstrates our ability to exit at the right time, with investors having benefited from strong income and sound capital returns.”

Rosebrook Property Investment Consultants acted for Riverside Capital, with Noko RE acting on behalf of Atacama.

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