The RO Group has continued the expansion of its roadside portfolio with the freehold purchase of a Starbucks drive thru on the Attleborough Bypass (A11) in Norfolk, together with 2.85 acres of adjoining development land, for a combined purchase price of £1,557,500.
The property is let to Starbucks on a long lease providing secure income and significant reversionary potential.
The 3,298 sq ft two-storey drive thru is let on a 20-year full repairing and insuring lease to October 2037, with 11.25 years unexpired and no breaks. The current passing rent is £80,808 per annum, subject to upward-only open market rent reviews in October 2027 and October 2032.
Rents for comparable drive thru assets have risen sharply in recent years, with recently agreed transactions in excess of £100,000 per annum.
The site sits on the A11 between Norwich and Thetford, a key commuter and freight route, with over 43,500 vehicles passing daily. It shares the wider site with a 24-hour BP filling station and a Marks & Spencer concession,
The 2.85 acres of adjoining land, comprising a 0.4-acre vacant surfaced car park and further vacant land, offers asset management opportunities. RO intends to explore options to lease the surfaced land for open storage, EV use, or further roadside development, subject to planning.
Comments
Nick Cashmore, investment director, RO Real Estate, said: “We are very pleased to have added this Starbucks drive thru investment to our roadside portfolio.
“The property occupies a prime trading location on the A11, provides secure long-term income from a strong covenant and offers attractive potential for rental growth at future reviews given the low passing rent of £80,808 which reflects £24.50 per sq ft.
“The additional 2.85 acres of land also gives us real scope to create further value through active asset management and potential roadside development.
“We already have interest from potential occupiers in the storage, leisure and roadside retail sectors.
“The acquisition is a good fit with our strategy of growing our roadside portfolio through a combination of acquiring high-quality income-producing assets and developing opportunities ourselves.”
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