Custodian REIT has acquired a 24,845 sq ft car dealership on Pride Park business park in Derby, two miles from the city centre and prominently located on the busy A6.
Nearby occupiers include Rolls Royce, Volkswagen, Lexus, Mercedes-Benz, Land Rover, and Ford.
The property is let to VW Group UK Limited and sub-let to Goodman Retail Limited (trading as Sytner) on a lease expiring on 23 Nov 2025 with a current passing rent of £342,500 per annum, reflecting a net initial yield1 of 6.28%.
The agreed purchase price of £5.115 million was funded from the company's existing cash resources, resulting in net gearing increasing to 19.4% loan to value.
At 9:19am: (LON:CREI) Custodian Reit Plc share price was -0.5p at 117p