01 Aug 2019

Belvedere Starbucks drive-thru site snapped up by private buyer for £2.61m

MMX Retail, the niche retail practice, has announced the sale of a Starbucks drive-thru restaurant site in Belvedere to a private buyer for £2.61m, reflecting a net initial yield of 4.50%.

The ½-acre purpose-built drive-thru restaurant opened in September 2018 and Starbucks Coffee Company have a lease on the unit expiring in May 2033.

The drive-thru is the first design of its kind in the UK and has been marketed as Starbucks’ flagship drive-thru as it continues to open similar sites across the UK.  The restaurant extends to approximately 211.20 sqm. The site also features 19 dedicated car parking bays including four electric charging stations.

Belvedere is 16 miles east of the City of London, in TfL Zone 5, close to the A2016 and is part of Belvedere Park. In February 2019, Lidl opened a 20,000 sq ft store immediately east of the Starbucks.

Nick Stewart, partner at MMX Retail, said: “This is a unique development which attracted a lot of interest from property investors. The site is let to a strong covenant and is an established brand.  Starbucks have an appetite to increase their drive-thru presence throughout the UK.

“We are delighted to have completed this sale which delivers a healthy return for our private client.”