Two Audi showrooms in Nottingham and Bury St. Edmunds have been sold by DVS Properties for a total of £12.5m.
Allsop handled the sale of these properties and is handling further sales from the portfolio.
The Nottingham site sold for £7.72m, a 7.25% net initial yield and Bury St. Edmunds fetched £4.8m, a 6.85% net initial yield.
Nottingham Audi is a long leasehold property let to Volkswagen until 2058 (with a tenant break in 2033). It was sold to its sub-tenant. The site provides 30,242 sq ft of space on a one-hectare plot.
Other car dealerships in the vicinity include Aston Martin, Porsche, Ford, Nissan, Ferrari, BMW, and Arnold Clark. Hoddell Stotesbury Morgan acted for the buyer.
Bury St Edmunds Audi on Skyliner Way sold as a freehold investment to a southern-based property company. It provides 22,345 sq ft of space and is let to Volkswagen until 2033.
The site of approximately 0.97 hectares is in a prominent position adjacent to Suffolk Park, a new 2m sq ft development, and is within a 30-minute drive to the M11.
Allsop is marketing a third Audi showroom in Liverpool, which consists of a 28,655 sq ft car showroom plus an additional working space on a site of 0.74 hectares.
It is located in a strategically important position in Liverpool, with easy access to the M62, M58 and M57 motorways and Liverpool Lime Street rail station. It is let to Volkswagen until 2058 (with a tenant break in 2033) and is also a freehold investment.
Liam Stray, senior associate at Allsop, said: “These assets proved attractive to a range of prospective purchasers because of their quality and the potential to deliver long-term value, whether as a long and stable income-producing asset or, as an owner-occupier, business sustainability.
“With a third prime automotive investment currently being marketed in Liverpool, as well as others potentially coming from the same portfolio, we anticipate competitive interest, particularly from investors seeking to diversify their real estate portfolios into the alternatives sector.”
Photo © Allsop
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