Schroder Property adds three car showrooms to JV portfolio
Schroder Property has acquired three separate car dealership properties in Yorkshire, Lancashire and Nottingham for the total amount of GBP8.03 million.
They are all let to Pendragon Property Holdings Limited.
The properties have been acquired through the Motor Retail Investment Limited Partnership, established in July 2011. The partnership is a joint venture between Schroder UK Property Fund and Schroder’s multi manager clients.
Evans Halshaw Vauxhall, Swinemoor Lane, Beverley, Yorkshire was purchased for GBP1.375 million with a net initial yield of 7.22 per cent. The property is leased for a term of 30 years from 2 November 2001 (17 years unexpired) with five yearly upward only rent reviews to market rent. The passing rent is GBP105,000 per annum (GBP10.91 psf).
Evans Halshaw Ford, Manchester Road, Ashton under Lyne, Lancashire was purchased for GBP3.755 million with a net initial yield of 6.86 per cent. The property is leased for a term of 25 years from 30 December 1998 (10 years unexpired) with five yearly upward only rent reviews to market rent. The passing rent is GBP272,515 per annum (GBP12.55 psf).
Stratstone Land Rover, Tottle Road, Riverside Retail Park, Nottingham was purchased for GBP2.9 million with a net initial yield of seven per cent. The property is let for a term of 20 years from 21 December 2004 (10 years unexpired) on full repairing and insuring basis. The rent is reviewed upward only every five years to open market value. The passing rent is GBP214,967 per annum (GBP13.88 psf).
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