Property investor completes exit of car showroom asset

Midlands-based property investor Colmore Capital has sold a Coventry showroom to a national automotive operator.

Listers Group has acquired the 20,560 sq ft property, which is located on Birmingham Road.

The showroom was one of the first assets purchased by Colmore Capital and during this period, it was able to agree a new, uplifted rent with the previous occupier and extend its lease, whilst also guaranteeing vacant possession at the end of the extended lease term to facilitate the sale.

David Corridan, managing director at Colmore Capital said: “Key to the attractiveness of this asset at acquisition was its prime roadside pitch, which holds strong appeal to occupiers across multiple sectors, and the associated optionality of asset management strategies that could be pursued pending the existing tenant’s long-term plans.

“This significantly reduced the risk profile of acquiring a single-let, short-income asset and allowed us to target our exit strategy to maximise returns for our investors.”

Matthew Grainger, investment director at Colmore Capital, added: “We are delighted with the completion of this sale to Listers Group, which required careful management to ensure the smooth exit of the previous occupier prior to the sale.

“The property has been a great purchase for us and, with the completion of our business plan for the asset, we wish Listers Group every success in trading from its new site.”