SOLD_Glasgow-Volvo

Status: Sold

Terms: Heritable Title

Price: £13,935,000

Yield: 5.00%

Jaguar & Volvo, Hillington Park, Glasgow G52 4FA

  • Glasgow is Scotland’s largest city with an extensive catchment area which forms a key territory for both the manufacturers and dealer network groups
  • State-of-the-art flagship Jaguar and Volvo car dealerships, nearing completion
  • Strategically situated fronting Junction 26 of the M8 Motorway within Hillington Park, an established out-of-town business park and dealership cluster forming a key city gateway location
  • Purpose built dealerships comprising a total GIA of c. 55,219 sq ft (5,130 sq m) on a combined site area of 4.7 acres
  • Jaguar dealership will be let to Bolling Investments Ltd, a wholly owned  subsidiary of Lookers plc, from Practical Completion on a new 20 year lease, with 5 yearly rent reviews linked to the Consumer Price Index (CPI), collared and capped at 1% and 3% per annum
  • Volvo dealership will be let to Volvo Car UK Limited, an established manufacturer covenant with an annual turnover in excess of £1 billion, from Practical Completion on a new 20 year lease, with 5 yearly rent reviews linked to the Retail Price Index (RPI), collared and capped at 2% & 3.5% per annum
  • Total initial passing rent of £740,000 per annum
  • Heritable title

We are instructed to seek offers in excess of £13,935,000 (Thirteen Million, Nine Hundred and Thirty Five Thousand Pounds) for the heritable title, subject to contract and exclusive of VAT. A purchase at this level reflects a Net Initial Yield of 5.00%, assuming purchaser’s costs of 6.23%.

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