Schroder Property adds three Motor Showrooms to its joint venture portfolio
Schroder Property is today pleased to announce the acquisition of three separate transactions of modern car dealerships in Yorkshire, Lancashire and Nottingham for the total amount of £8.03 million. All the properties are let to Pendragon Property Holdings Limited.
The properties have been acquired through the Motor Retail Investment Limited Partnership, established in July 2011. The Partnership is a joint venture between Schroder UK Property Fund and Schroders Multi Manager clients.
Evans Halshaw Vauxhall, Swinemoor Lane, Beverley, Yorkshire HU17 0LJ
Purchased for £1.375 million with a net initial yield of 7.22%.
The property is leased for a term of 30 years from the 2nd November 2001 (17 years unexpired) with 5 yearly upward only rent reviews to market rent. The passing rent is £105,000 per annum (£10.91 psf).
Evans Halshaw Ford, Manchester Road, Ashton under Lyne, Lancashire OL7 0DG
Purchased for £3.755 million with a net initial yield of 6.86%. The property is leased for a term of 25 years from 30th December 1998 (10 years unexpired) with 5 yearly upward only rent reviews to market rent. The passing rent is £272,515 per annum (£12.55 psf).
Stratstone Land Rover, Tottle Road, Riverside Retail Park, Nottingham NG2 1RT
Purchased for £2.9 million with a net initial yield of 7%. The property is let to for a term of 20 years from 21st December 2004 (10 years unexpired) on full repairing and insuring basis. The rent is reviewed upward only every 5 years to open market value. The passing rent is £214,967 per annum (£13.88 psf).
The vendors were represented by Mathias Perry (Vauxhall, Beverley), Whitmarsh Holt Young (Ford, Ashton Under Lyne) and Torrin Asset Management (Land Rover, Nottingham). The purchasers were advised by Automotive Property Consultancy Ltd.
For further information, please contact:
Estelle Bibby, Senior PR Manager, Schroders
Tel: +44 (0)20 7658 3431 / estelle.bibby@Schroders.com
Note to Editors:
For trade press only. To view the latest press releases from Schroders go to: http://ir.schroders.com/media
Schroders has managed property funds since 1971 and currently has £11.0 (€13.4 /US$18.4) billion of gross property assets under management as at 31 March 2014.
Most of the property funds referred to are unauthorised collective investment schemes as defined in the Financial Services and Markets Act 2000. Promotion of these funds is restricted and access to full information about these funds is only available to those exempt from the restriction.
For further information about Schroders’ property business visit www.schroderproperty.com
Schroders is a global asset management company with £268.0 billion (EUR324.1 billion/$446.8 billion) under management as at 31 March 2014. Our clients are major financial institutions including pension funds, banks and insurance companies, local and public authorities, governments, charities, high net worth individuals and retail investors.
With one of the largest networks of offices of any dedicated asset management company, we operate from 37 offices in 27 countries across Europe, the Americas, Asia and the Middle East. Schroders has developed under stable ownership for over 200 years and long-term thinking governs our approach to investing, building client relationships and growing our business.
Further information about Schroders can be found at www.schroders.com.
Issued by Schroder Property Investment Management Limited which is authorised and regulated by the Financial Conduct Authority. For regular updates by e-mail please register online at www.schroders.com for our alerting service.
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