Trebor Developments has sold a major Lex Autolease vehicle centre scheme in Coventry to LaSalle Investment Management.
Trebor bought the 10-acres of land at Foleshill Road from Acetate Products and then signed a prelet with vehicle leasing firm Lex Autolease for a new development after which it agreed a £12.5m forward funding deal with LIM – reflecting a 7.2% yield.
The scheme, for which Lex has signed a 20-year lease at a rent of £900,000 pa, comprises five buildings totalling 38,000 sq ft and a vehicle storage area for up to 1,250 cars.
Trebor managing director Bob Tattrie said: “This represents an outstanding commercial project which will be delivered to the end users’ specific requirements and operational needs and has been implemented by our fast track method whilst still retaining quality and value for money.”
LIM director Nick Howitt added: “This excellent new facility will regenerate a significant brownfield site and, with a 20-year indexed income profile rising from 7% net initial yield, it also provides a substantial real return.”
Trebor was represented by JLL; Silco acted for LIM; CBRE advised Lex and Acetate.
nick.whitten@estatesgazette.com
