The Vitesse Portfolio
Franck-Steier Price has recently completed advising on the sale of The Vitesse Portfolio comprising 3 modern car dealership investment properties let to Pendragon Plc.
The properties are located in Bury, Doncaster and Stourbridge and are all trading as the premium Stratstone brand.
The properties are all let All 3 properties are let to Pendragon Property Holdings Ltd with a guarantee from Pendragon Plc on leases expiring 15/04/2024. The total rental income is £550,655 per annum.
The rent reviews are to open market value.
The total purchase price was £7,600,000 which reflects a net initial yield of 6.85%.
Andrew Franck-Steier of Franck-Steier Price commented “We are delighted to have acted for the receivers in the successful disposal of these 3 properties and achieved a sales figure way in excess of the asking price of £7,180,000.”
The vendors were represented by Franck-Steier Price Ltd
The purchasers, Threadneedle Property Investments were represented by Cortex Partners.