The property comprises a modern car dealership located in Doncester’s prime car showroom location, fronting onto A630 Wheatley Hall Road, with over 25,000 vehicles passing the property daily. The property extends to 28,881 sq.ft accross three buildings on a site of 3.09 acres. Let to the strong covenant of Pendragon Property Holdings Ltd on three co-terminus leases until June 2033 (14.1 years unexpired). The rent is reviewed 5 yearly to 3% per annum compounded fixed increases with the next review in June 2023. Rent £345,395 per annum reflecting a low overall rent of £11.96 per sq.ft. Offers sought in excess of £5,400,000 which reflects a net initial yield of 6.00% reverting to 7.00% in June 2023 and 8.00% in June 2028.
Franck-Steier Price has recently acted on behalf of the Threadneedle Portfolio Services in the sale of a modern car dealership investment property on Wheatley Hall Road, Doncaster.
The property comprises two dealerships trading as Peugeot and Nissan and let to Pendragon Property Holdings td on co-terminous leases expiring 23rd June 2033. The total passing rent is £345,395 per annum with five yearly fixed rental increases to 3% per annum compounded.
The total size of the buildings is 28,881 sq.ft across three buildings. The sale price was £5,400,000.
The purchase price represented a net initial yield of 6.00%, assuming usual costs of purchase of 6.61%.
The purchase was West Lindsay District Council who were represented by Cushman & Wakefield and Franck-Steier Price acted for the vendors, Threadneedle.