Automotive Investment

Cazoo Newport Pagnell, Tickford Roundabout, London Road, Newport Pagnell, MK16 0RE

For Sale

Terms

6.5%%

Yield

Freehold
Purpose-built dealership facility situated within an established commercial destination
Highly prominent site fronting the A509/A422, in close proximity to junction 14 of the M1 to the north east of Milton Keynes city centre
The property provides a total of 15,999 sq ft (1,486 sq m) on a 1.88 acre (0.76 hectare) site
Passing rent of £284,266 per annum, equating to £17.77 per sq ft
Annual RPI rent increases, capped at 2.77%
Let to Reg Vardy (Property Management) Limited, guaranteed by Pendragon Plc for a term of 25 years from 22 December 2006, expiring 21 December 2031. The property is occupied by Cazoo via an underlease
Unexpired term of approximately 9.5 years
Pendragon Plc have an annual turnover of just under £3.5 billion
Strategic site with long term redevelopment opportunities (STPP)

We are instructed to seek offers in excess of £4,100,000 (Four Million, One Hundred Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 6.5% with reversion to 6.7% in December 2022, assuming purchasers costs of 6.5%