Knutsford Bentley dealership site sold for £7m
Property investment company Custodian REIT has sold a Bentley car dealership property in Knutsford for £7m.
It has sold the 24,582 sq ft Bentley showroom on Mobberley Road for £720,000 (11.5%) more than its last valuation at 31 December 2016, representing a net initial yield of 4.92%.
It includes a workshop containing 10 service bays, three valeting bays and ancillary parts store to the rear.
The property is let to R Stratton & Co Limited on a lease expiring in 2058, subject to break options in 2028, 2038 and 2048.
It was purchased for £5.72m as part of the initial portfolio acquired on the company’s admission to the London Stock Exchange in 2014.
Richard Shepherd-Cross, managing director of Custodian Capital Limited (Custodian REIT’s external fund manager), said: “The current lack of available investment stock, coupled with strong demand, has led to valuations of this type of property showing significant increases over the last 18 months.
“Despite a long term lease being in place, we believe this was the right time to take advantage of market conditions and crystallise a significant valuation gain.”
