Dealership Developments Ltd, a subsidiary of Rybrook Holdings and represented by FSP, has exchanged contracts with NFU on the forward funding of a new state of the art flagship JLR dealership in Huddersfield.
Construction on the dealership will commence shortly with practical completion scheduled for July 2019.
The property will comprise a new flagship dealerships for the Yorkshire region incorporating the premium franchises of Jaguar and Land Rover and extending to 58,500 sq.ft on a site of 5.35 acres.
The property property will be let to Rybrook Cars Ltd, guaranteed by Rybrook Holdings Ltd, for a term of 20 years from completion. The commencing rent will be £700,000 per annum (£11.96 per sq.ft). The lease will be subject to five yearly upward only reviews to RPI collared at 1% and capped at 2% per annum compounded.
The development funding sold for £13,000,000 which reflected a net initial yield of 5.00%.
Knight Frank represented NFU.