JV partners Boultbee and London & Central Securities complete 7th deal:

Metro Bank PLC has signed a 25 year lease on a site in Chiswick High Rd, West London

Boultbee, the property investment firm, and JV partner London and Central Securities, have signed a 25 year rental contract with Metro Bank for the site of a former petrol station in Chiswick, West London. Initial rental starts at £170, 000 per annum and will rise to £200, 000 over the first five years.

In just 20 weeks Metro Bank achieved planning permission and completed the decontamination and removal of petrol storage tanks, as well as the development of the building where trading began on the 18th May 2012.

This is the latest of seven deals to come from the 2011 £3million purchase of 19 former petrol stations across England, which stood disused from between three months to seven years. Boultbee and London and Central Securities are carrying out an on-going program of development and are liaising with planners to install residential and retail units at each of the remaining 12 sites, both for re-sale or leasing opportunities.