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Custodian REIT buys car dealership

12 May 2017 07:38

Custodian REIT as acquired a 27,480 sq ft car dealership, located within York's 'motor alley' two miles from York city centre and adjacent to the A1237 ring road.

It said nearby occupiers included Vauxhall, Audi, BMW, Mercedes-Benz, Toyota and Volkswagen.

Custodian REIT said the property was let to Pendragon Property Holdings Limited (trading as Evans Halshaw Peugeot and Citroen) on a lease expiring on 27 February 2030 with a current passing rent of £240,000 per annum, reflecting a net initial yield1 of 5.75%.

The agreed purchase price of £3.92m was funded from the company's existing debt facilities, and had resulted in net gearing increasing to 16.2% loan to value.

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Related Company: CREI

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