First World Hybrid Real Estate Plc (“FWHRE” or the “Company” or “the Fund”)
Development of a Burger King drive-thru at Marina Quay Retail Park
The Board of First World Hybrid Real Estate Plc is pleased to announce that the Fund has exchanged contracts with Burger King UK for the development and lease of a 1,800 square foot drive-thru restaurant unit at Marina Quay Retail Park, Rhyl, North Wales.
FWRE Limited (a subsidiary of the Fund) will contribute a capital sum of £1.4 million towards the construction costs of the shell and the tenant will undertake the building works, including the full fit-out of the unit. The terms of the lease are an unbroken 25-year period, with guaranteed rental uplifts at the first and second review dates (years 6 and 11 respectively). The commencing rental is £115,000 per annum, with the tenant being responsible for business rates and its proportionate share of service charge costs. The lease will commence on practical completion of the development, which is forecast to be mid-2025, with the tenant afforded a 3-month rent-free incentive.
This announcement was made on behalf of the Company by FIM Capital Limited.