Schroder Real Estate has acquired Bristol Street Motors Ford, 156 – 182 Bristol Street, Birmingham, for £4.8 million, reflecting an attractive net initial yield of 6.4%.
The property will sit within the Motor Retail Investment Limited Partnership (‘MRILP’), established by Schroder Real Estate in July 2011.
It has an unexpired term of 11.5 years and complements MRILP and Gibran’s existing portfolio of 29 dealerships let to a diverse range of covenants including; Honda Motor Europe Ltd, Pendragon, Vertu and Lancaster PLC, among others.
James Lass, Fund Manager at Schroder Real Estate, said:
“Backing key brands in crucial locations with affordable overheads offering genuine asset enhancement is the essence of our stock selection criteria. This purchase reflects all these credentials.”
Schroder Real Estate was advised by Automotive Property Consultancy Ltd. The vendor was represented by Cushman & Wakefield.