Tuesday, August 16, 2022

Car showroom sold for £5.6m in Derby

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.”

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