Retail property portfolios on the market
03 July 2018
A property portfolio which owns the Stafford, Shrewsbury and Blackburn Audi dealerships generating an annual rental income of almost £750,000 is on the market for £11.6 million.
The Swanjar Portfolio lets the centres to Volkswagen Group UK which then sub-lets them to Swansway, Lancaster and Thompson Motor Company respectively. Thompson was bought by Swansway in late 2016. VW makes an annual profit of £79,500 from the sub-lets.
Stafford Audi currently pays passing rent of £305,000 per annum, Blackburn £271,538 and Shrewsbury £197,996. All leases have five year rent reviews with the next being in December 2019.
A second portfolio of Huddersfield Mercedes and a vacant dealership in Cardiff (both Pendragon), BMW Maidenhead and Solihull Toyota (Sytner) is already under offer.
Huddersfield Mercedes currently pays a passing rent of £328,108 p.a., Cardiff £277,195 and Sytner pays £428,931 and £380,908 for the BMW and Toyota centres respectively.
The Sydragon portfolio has a marketed price of £23 million producing annual rental income of almost £1.4 million rental income p.a.
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