RO Group has announced the acquisition of a Burger King drive-thru in Sweet Briar Road, Norwich, for £1.2million.
The property is let to BKUK Flame, a major UK Burger King franchisee, on a long lease.
The 1,800 sq ft restaurant, which has both drive-thru and dine-in space, is let on a 15-year lease which started in May 2021. The current passing rent is £65,000 per annum, subject to five-yearly upward-only open market rent reviews, with the next due in May 2026.
Rents for comparable drive-thrus have risen sharply in recent years.
Nick Cashmore, investment director for RO Real Estate, said: “We are very pleased to have added this Burger King drive-thru investment to our portfolio. The property is situated in a prime trading location with 32,000 vehicles passing daily and let to an excellent covenant offering attractive reversionary potential in 2026 given the low historic passing rent.
“As we seek to grow our roadside portfolio this is exactly the type of drive thru asset that we will continue to target in addition to acquiring sites to develop out ourselves”.
The RO was advised by GCW and Womble Bond Dickinson.
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