Audi Derby, Royal Scot Road, Derby, DE24 8AJMake an enquiry
Franck-Steier Price has recently completed the acquisition of a prime car dealership investment, located on Pride Park, on behalf of Custodian REIT plc.
The property comprises a 2005 built Audi car dealership extending to 24,197 sq.ft on a site of 2.98 acres. The property has been recently refurbished to Audi’s latest corporate specifications.
The property is let to Volkswagen Group United Kingdom Ltd on a 20 year FRI lease expiring on 23 November 2025. The lease is subject to 5 yearly open market reviews and the current rent is £342,500 per annum (£14.19 per sq.ft).
The tenant has sublet the property for a term expiring on 8 November 2025 to Goodman Retail Ltd (a subsidiary of Sytner Group). The lease is subject to 5 yearly reviews to uncapped RPI and the current rent is £403,791 per annum (£16.73 per sq.ft).
The property was acquired from Aberdeen Standard, represented by Knight Frank, for £5,115,000 which reflects a net initial yield of 6.28%.