VW Car Dealership, 56 Belton Road, Loughborough, LE11 1AP
Franck-Steier Price has recently completed the disposal of a modern VW dealership in Loughborough on behalf of a private investor.
The property comprises a modern car dealership property on a self contained site within the main dealership location in the town. There are a total of 80 car display spaces to the front and side along with parking for an additional 53 cars.
The property comprises a total floor area of 14,926 sq.ft.
The property is let to Listers Group Limited for a term of 20 years with effect from 1st December 2019 and subject to a tenant only break option on the 10th anniversary of the term. The initial rent is £160,000 per annum and there is a rent review on the 5th anniversary based on compounded RPI subject to a collar of 1% and cap of 3%.
The property was acquired by Custodian REIT who were unrepresented in the transaction for a price of £2,360,000 which reflects a net initial yield of 6.37%.