Ignis UK Property Fund has purchased a Mercedes-Benz showroom in Watford, Hertfordshire, for £8.3m.
The 23,866 sq ft car showroom, located in the Colne Valley Retail Park, was acquired for £8.3m, reflecting a yield of 5.77%, with guaranteed fixed rental uplift in 2012 to 6.63%.
The unit is being let to Mercedes-Benz Retail Group UK with an unexpired term of 16 years.
Ignis UK was represented by BNP Paribas Real Estate. The vendor, Camus, was not represented.
joanna.bourke@estatesgazette.com
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