- 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%.