Cazoo’s 18,000 sq ft site acquired
LXi REIT, the specialist inflation-protected long income REIT, has exchanged contracts on online car retailer Cazoo’s click and collect facility in Doncaster.
The acquisition which has utilised the firm’s revolving credit facility is part of £6.1m of deals that also includes a Costa drive-thru portfolio in Scotland and benefits from an accretive average net initial yield of 5.75%, a long average unexpired lease term to first break of 18 years.
These latest deals mean the total funding deployed/committed by LXi is £151 million.
The click & collect site in Doncaster includes, storage, sales and customer services facility across 18,000 sq ft. It currently has just under 20 years left on the lease until the first break and benefits from RPI rental uplifts reviewed on a five yearly basis.
The site is well-located, fronting the A630 Wheatley Hall Road which forms part of Doncaster ring road and offers good visibility from the roadside with over 25,000 vehicles passing daily.