Status: Available
Terms: For Sale
Price: £4,100,000
Yield: 6.5%
Cazoo Newport Pagnell, Tickford Roundabout, London Road, Newport Pagnell MK16 0RE
- 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%
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