Land Rover, Stanley Matthews Way, Trentham Lakes, Stoke on Trent, ST4 8GR
Dealership Developments, represented by FSP, has completed the forward funding of a £7.5 million dual arch Land Rover dealership in Stoke on Trent.
The development comprises a 31,720 sq.ft state of the art dual arch Land Rover dealership on a site of 3.75 acre. The property is located on Stanley Matthews Way, the established dealership location in Stoke on Trent.
The property was let on completion to Rybrook Cars Ltd, guaranteed by Rybrook Holdings Ltd, for a term of 20 years. The lease is held on full repairing and insuring terms subject to five yearly upward only reviews to RPI collared at 1% and capped at 2% per annum compounded. The commencing rent is £415,000 per annum.
The property was funded by NFU, presented by Knight Frank, for £7,500,000 reflecting a net initial yield of 5.25%.