Covenant quality drives deal at coffee drive-thru in Bolton

The freehold property interest in the Costa Coffee outlet at Bolton’s Logistics North employment hub on Cutacre Lane, on the edge of the north west town, has been sold by Eddisons on behalf of a retained client.

The drive-thru café unit is situated at the entrance to the Logistics North hub, with the current lease not expiring until 2032 and the current annual rent at £69,500.

According to Eddisons' agency team, the strength of the covenant on the detached, 1,787 sq ft unit on a self-contained 0.4 acre site, was a key factor driving the deal, which saw the property interest sold after a competitive bidding process for a price in excess of £1.15 million to an undisclosed investor.

Gavin Hynes was part of the Eddisons’ agency team acting in the sale on behalf of the property's client.

Speaking about the transaction, he said, “Against the prevailing economic backdrop in this final quarter of the year, there does remain a continued appetite for well-let investment opportunities when they are backed by good covenants.”