Please find below details of this prime, long income car dealership portfolio we have been instructed to market. The salient details are:
- Five prime car showrooms located in Bedford, Bury St. Edmunds, Cambridge, and Northampton.
- Operating under the franchises of Audi, Bentley, Škoda, VW and VW Commercial Vehicles.
- All properties are modern dealerships fitted out to the latest corporate specification of each marque.
- Properties will be sold by way of a sale and leaseback to Vindis Group Ltd, one of the UK’s largest privately owned car dealership groups operating for over 50 years across 16 dealerships.
- Excellent covenant – year end 2021 pre-tax profit of £7.3m and shareholder’s funds of £21.5m.
- All showrooms are to be let for a term of 20 years from completion of sale.
- Leases subject to five yearly CPIH linked rent reviews, collared and capped at 1% and 3% per annum compounded.
- Total income of £1,140,000 per annum (low average rent of £9.75 per sq. ft.).
- All properties are held freehold.
- Low site densities across each site.
- Pricing underpinned by alternative use land value for industrial across all sites, subject to planning.
We are instructed to seek offers in excess of £21,000,000 (Twenty-One Million Pounds) subject to contract, which reflects a blended Net Initial Yield of 5.05%, after purchaser’s costs of 7.74%.
Offers are invited for the portfolio as a whole or on an individual basis.