Property investor drives away with two dealerships
The sites of two Audi dealerships in the West Midlands have been bought by property investor Custodian.
It has paid £7.4m for the properties in Shrewsbury and Stafford.
Richard Shepherd-Cross, managing director of Custodian Capital, said: “We are delighted to have secured these two well-established properties located within the prime motor retail pitches of their respective locations.
Stafford Audi
“Both are let to one of the UK’s largest motor retailers and occupied by strong franchised dealers on long-term leases.”
The Shrewsbury site at Battlefield Enterprise Park is occupied by Lancaster while Swansway Garages is in the 23,700 sq ft Stafford site.
Both properties are let to VW Group UK Limited on leases expiring in December 2024, with current annual passing rent of £197,996 and £305,000 respectively.
