The property is located on Abbey Lane, 0.5 miles to the north of Leicester city centre. Abbey Lane is the prime motor retailing location in Leicester as well as being an established location for other major food and retail warehouse operators. The property comprises a 2004 built modern Lexus car dealership extending to 18,512 sq.ft. The property is let to Synter Properties Ltd, guaranteed by Sytner Group Ltd, until December 2023. Rent £266,633 per annum. The property is one of the leading Lexus dealerships in the UK. Offers sought in excess of £3,453,000 which reflects a net initial yield of 7.25%, assuming purchaser’s costs of 6.50%.
Franck Steier Price has recently completed the sale of a modern car dealership investment on behalf of OLIM which was located in a highly prominent position on the A6 just outside Leicester city centre.
The property comprises 2 separate facilities, the showroom fronting onto Abbey Lane and then a separate workshop / warehouse to the rear totalling 18,512 sq.ft
The property is let to Sytner Properties Ltd with guarantee from Sytner Group Limited for a term of 20 years from 25th December 2003. The passing rent is £266,633 per annum.
The sale price of £3,750,000 reflected a net initial yield of 6.68% after purchaser’s costs of 5.80%.
The purchaser was a private investor represented by WHY.