Franck-Steier Price and Colliers International have recently completed advising on the sale of four prime car showroom investments on behalf of Wayland Properties LLP.
The properties are located in Chester, Harrogate, Worcester and Solihull. They were all let to companies within the Rybrook Holdings group who trade from them with the premium franchises of Jaguar and Volvo, Mercedes, McLaren, Rolls Royce, BMW and Mini.
The properties are let on full repairing and insuring leases expiring in November 2036 and produce a total current income of £1,267,824 per annum. The leases are guaranteed by Rybrook Holdings Ltd.
The portfolio sold for £17,400,000 which reflected a net initial yield of 6.89%, after purchaser’s costs at 5.80%. Cooper Rose and Tudor Toone represented the purchaser, The Charities Property Fund managed by Cordea Savills, who fought off strong competition from a number of institutional investors to secure the portfolio.
Ben Blackwall of Franck Steier Price commented ‘The portfolio was very well received by the investment market with strong interest from a number of large institutions. The underlying property fundamentals on all of the assets combined with the long secure income to the covenant of Rybrook Holdings were the key attractions to investors.’
‘We were delighted to achieve a sale for Wayland in excess of the initial asking price of £17 million and the strength of demand for the portfolio highlights the continuing institutional requirement for well let investments.’
