BMW/MINI & Esso Petrol Filling Station, London Road, Tring, HP23 5RE
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Atlas Real Estate has recently completed the acquisition of modern BMW & MINI car dealership and a petrol filling station in Tring.
The property is located on the London Road between Tring and Berkhampstead and comprises a modern BMW and MINI car dealership, that have both been recently redeveloped, and a petrol filling station.
The BMW and MINI dealerships are let on two separate leases to Specialist Cars Tring Ltd, guaranteed by Specialist Cars Holdings Ltd, Specialist Cars Ltd, Ivor Homes Ltd, Specialist Cars Property (Stevenage) Ltd and Specialist Cars Property (Luton) Ltd. The leases are FRI for terms of 20 years expiring 31 December 2034 with 5 yearly reviews to RPI collared at 2% and capped at 4%. The combined rent is £335,000 per annum.
The petrol filling station is let to Malthurst Petroleum Ltd on an FRI lease for 25 years expiring 25 March 2019. The rent is £56,150 per annum.
The property was purchased for £7,620,000 which represents a net initial yield of 4.85%, assuming full costs of purchase of 5.8%.
The vendor was Lightstone Tring LLP represented by Knight Frank.
