Custodian REIT, the UK property investment company, has sold a car showroom in Derby.
The company has sold a 24,178 sq ft car showroom let to Volkswagen for £5.6 million, £1.2 million (26%) ahead of the 31 March 2022 valuation, representing a net initial yield of 5.7%.
Commenting on the disposal, Richard Shepherd-Cross, Managing Director of Custodian Capital Limited (the company’s external fund manager), said: “This asset has provided a healthy level of income over our five years of ownership and is being sold to a ‘special purchaser’ at a significant profit.
“We have a strong pipeline of assets on which to redeploy the proceeds of this sale with better rental growth and asset management prospects.”
