SOLD_cheltenham-VW

Status: Sold

Terms: Sold

Price: £3,885,000

Yield: 6.15%

Cheltenham Volkswagen, Tewkesbury Road, Cheltenham GL51 9AH

  • Cheltenham is an affluent regency spa town in Gloucestershire
  • Large catchment population and a key territory for the manufacturers
  • The property comprises a modern purpose built dealership facility comprising 17,548 sq ft (1,630 sq m)
  • Prominent site in a strategic position adjacent to a Tesco Superstore and opposite a Wickes DIY unit
  • Established dealership location with other brands operating in the area including Bentley, Porsche, Audi, Toyota, Ford, Vauxhall, Lexus and Aston Martin
  • Let to the strong covenant of Inchcape Estates Limited (D&B 5A1) until December 2024 providing an unexpired term in excess of 6 years
  • The lease was assigned by VW Group UK Ltd in August 2016 who have total net assets in excess of £717,000,000, providing further security of income
  • Current passing rent of £254,567 per annum, reflecting a sustainable £14.51 per sq ft
  • 5 yearly rent reviews to Open Market Value
  • Strong alternative use residual values, subject to planning
  • Freehold

We are instructed to seek offers in excess of £3,885,000 (Three Million, Eight Hundred and Eighty Five Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects a Net Initial Yield of 6.15%, assuming purchaser’s costs of 6.53%.

Prime Dealership Investment - Tewkesbury Road, Cheltenham

Tewkesbury Rd, Cheltenham GL51 9AH, UK
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