Land Rover, Stanley Matthews Way, Trentham Lakes, Stoke on Trent, ST4 8GR
Dealership Developments, represented by Atlas Real Estate, has exchanged on the forward funding of a £8.64 million dual arch Land Rover dealership on Trentham Lakes, Stoke on Trent.
The development will comprises a 43,500 sq.ft state of the art dual arch Land Rover dealership on a site of 3.74 acres. The property is located in the established mixed use commercial area of Trentham Lakes which is already home to Audi, VW, Toyota, Seat, Ford and Lexus.
The property will be let on completion to Rybrook Cars Ltd, guaranteed by Rybrook Holdings Ltd, for a term of 20 years. The lease is held on full repairing and insuring terms subject to five yearly upward only reviews to RPI collared at 1% and capped at 2% per annum compounded. The commencing rent will be £477,500 per annum.
The property is being funded by NFU, presented by Knight Frank, for £8.64m reflecting a net initial yield of 5.25%.