27th May 2014 07:42
LONDON (Alliance News) - Property investment company Custodian REIT PLC Tuesday said it has acquired a Toyota car dealership in Peterborough, in a deal worth GBP2.5 million.
The company did not name the seller.
Custodian REIT said the property consists of a 25,724 square foot showroom and workshop on a 1.62 acre site. The property is located on a busy motor park, close to Peterborough city centre where other motor dealerships include franchisees of Jaguar, Land Rover and Peugeot, part of PSA Peugeot Citroën.
The property is let to Marshall Motor Group Ltd with an unexpired lease term of five years. The property is let at a passing rent of GBP225,500 a year, reflecting a net initial yield of 8.5%.
This is the second property purchase since the company's initial public offering in March. Earlier this month the company bought a modern industrial/distribution unit in Castleford, West Yorkshire for GBP1.6 million.
Custodian REIT shares were quoted up 0.7% at 108.00 pence Tuesday morning.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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