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Atlas Real Estate has successfully disposed of the Vindis Portfolio on behalf of the Vindis Group.
The portfolio comprises five prime car showrooms located in Bedford, Bury St. Edmunds, Cambridge, and Northampton. The properties were 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.
All showrooms are 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.).
The portfolio was sold for £22,300,000 reflecting a Net Initial Yield of 4.74%.
Savills acted for the purchaser Savills Investment Management.