On behalf of private clients, Cooper Rose Real Estate has been instructed to sell the Prestige Portfolio, a portfolio of four prominent, freehold car showroom investments, located in Nottingham, Stoke-on-Trent and Sutton Coldfield, as follows:
- The premises are located in affluent areas, on major arterial routes with excellent roadside prominence
- Let to or guaranteed by the Very Low Risk covenant of Pendragon Plc – the UK’s largest automotive retailer with 2016 revenues of £4.5 billion
- Unexpired lease term of approximately 6.5 years
- Strong tenant retention prospects
- Freehold
- Aggregate floor area of 67,959 sq ft (6,314 sq m) GIA on a total site area of 5.01 acres (2.03 hectares) offering low site cover, (31% site cover overall)
- Total passing rent of £660,744 per annum, equating to a low £9.72 per sq ft (£104.63 per sq m) and subject to open market reviews in August and September 2018
We are instructed to seek offers in excess of £9,500,000 reflecting a Net Initial Yield of 6.52% and a low capital value of £140 per sq ft (£1,507 per sq m) after taking into account purchaser’s costs of 6.70%.
Contact Ben Rose or Sammy Whittaker or our joint agents CBRE
