KIA Motors, Coventry Road, Elmdon, Solihull, B26 3QS
Franck-Steier Price has recently completed the sale of a car dealership investment in Solihull on behalf of Custodian REIT.
The property is located on the Coventry Road (A45 dual carriageway) in close proximity to the NEC, Resorts World, Birmingham Airport and Birmingham International Train Station. The property comprises a detached car dealership extending to 9,144 sq.ft on a site of 1.57 acres.
The property is let Allen Ford (UK) Ltd operating the KIA Motors franchise on a lease expiring in January 2021. The lease is held on full repairing and insuring terms subject to a schedule of condition. The rent is £145,000 per annum.
The purchase price of £1,875,000 reflected a net initial yield of 7.28%.
The purchaser was a private investor represented by Savills.