Mayfair Capital Investment Management’s £100m Mayfair Capital Property Unit Trust has acquired the Mercedes-Benz car showroom at Clifton Moor Gate, York.
The property is located in the centre of the prime car showroom pitch to the north of the city and totals 23,000 sq ft. It is leased to Rybrook for a further 14 years at £384,000 pa with two further fixed minimum rental uplifts in 2016 and 2021. The property was acquired for £5.3m reflecting a net yield of 7%.
With this purchase and the recent acquisition of an office building in Cambridge, MCPUT is now 70% invested within a year of launch.
Robert Palmer, fund director of MCPUT, commented: “The investment offers secure long-term income with the benefit of future fixed rental increases and is the dominant Mercedes dealership in the region. This acquisition complements other recent purchases which provide shorter income streams.”
The vendor, a UK institution, was advised by Gain; Mayfair Capital was advised by Chris Freer-Smith and motor retail specialist Robert Stephens and Company.
bridget.oconnell@estatesgazette.com
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