The Midlands commercial property investment market has woken up with a significant surge in activity since March this year, according to the real estate team at Lodders Solicitors.
Partner Mark Lee said the increase in activity was dramatically demonstrated by the £17.4 million sale of four prime car showroom investments which went through in just four weeks from heads of terms to completion.
The dealerships are in Chester, Harrogate, Worcester and Solihull and are let to companies within the Rybrook Holdings group. Rybrook franchises at these sites include Jaguar, Volvo, Mercedes, McLaren, Rolls Royce, BMW and Mini.
The deal was driven through by Lodders’ real estate team on behalf of Wayland Properties.
Mr Lee said: “The Charities Property Fund offered in excess of the initial asking price of £17 million and beat off stiff competition from a number of institutional investors.
“This demonstrates to us the strength of the regional property market and we have noticed a major increase in instructions and activity throughout the Spring and into the Summer.
“The investment market is clearly picking up and this is good news for the regional economy all round.
“Wayland Properties is a long standing client and we are pleased to have acted for Peter Hemus and his colleagues in this latest transaction.”
Wayland Properties LLP,based at Tachbrook Park, Warwick, was represented by Franck- Steier Price and Colliers International. The price of £17.4 million reflected a net initial yield of 6.89 per cent after purchaser’s costs of 5.8 per cent.
The Charities Property Fund, managed by Cordea Savills, was represented by Cooper Rose and Tudor Toone.