Volkswagen Group, The Point, Llandudno Junction, LL31 9BA
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Franck Steier Price has recently completed the acquisition of a state of the art five car dealership development on behalf of the Lime Property Fund.
The property was purchased by forward commitment and completed in November 2014. The development comprises five new car dealerships incorporating all of Volkswagen Group’s marques including Audi, VW, Seat, Skoda and VW Commercial Vehicles. The dealerships extend to a total area of 51,495 sq.ft on a site of 5.95 acres.
The property is let to Clare James Automotive Ltd, guaranteed by Volkswagen Group United Kingdom Ltd, for a term of 25 years from April 2014. The lease is held on full repairing and insuring terms with 5 yearly reviews to compounded RPI, collared at 1.5% and capped at 3% per annum. The commencing rent is £457,892 per annum.
The purchase price of £8,471,000 reflected a net initial yield of 5.11% after purchaser’s costs of 5.80%.
The vendor Volkswagen Group was represented by Colliers International.
