TJ Vickers & Sons, Knights Way, Battlefield Enterprise Park, Shrewsbury, SY1 3AB
Franck Steier Price has recently completed the sale of a modern car dealership investment in Shrewsbury.
Acting on behalf of a private investor, Atlas Real Estate sold the investment to Custodian REIT for £1,675,000.
The property is let to TJ Vickers and Sons Ltd for a term of 15 years with effect from 1st October 2015 and is subject to 5 yearly rent reviews based on the higher of open market or RPI with a collar of 1% and cap of 4%. The current passing rent is £120,000 per annum.
The sale price of £1,675,000 reflects a net initial yield of 6.75% assuming costs of purchase of 6.19%.
CBRE acted for Custodian REIT.