Derby car showroom sold for £5.6m
Custodian REIT, the listed Leicester-based property investment company, has announced the sale of a 24,178 sq ft car showroom in Derby to a “special purchaser.”
The property, which is let to Volkswagen, has been sold for £5.6m – £1.2m ahead of its March 2022 valuation, representing a net initial yield of 5.7 percent.
Richard Shepherd-Cross, managing director of Custodian REIT’s external fund manager Custodian Capital Limited, 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.”
