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For Sale Prime Car Dealership Investment

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For Sale Prime Car Dealership Investment FOR SALE PRIME CAR DEALERSHIP INVESTMENT BENTLEY • LAMBORGHINI • TOYOTA • LEXUS 2-6 WINGFOOT WAY • FORT PARKWAY • BIRMINGHAM • B24 9HF BENTLEY • LAMBORGHINI • TOYOTA • LEXUS | 2-6 WINGFOOT WAY • FORT PARKWAY • BIRMINGHAM • B24 9HF Executive Summary Executive Summary Location • Unique opportunity to acquire a multi-franchise dealership facility serving the Greater Birmingham market. Property Tenure • High profile retail pitch directly opposite the Fort Shopping Park, adjacent to the M6 Motorway. Tenancy • Three standalone dealerships extending to 6,353.0m2 2 Sub-lease Toyota/Lexus (68,386ft ) on a site of 2.684 hectares (6.632 acres). • All three dealerships are let on individual but identical Floor Area leases to Sytner Properties Limited and guaranteed by Sytner Group Limited, the retailer’s ‘top company’ with a Site Area Bentley & Lamborghini “Very Low Risk” Experian Rating. Site Coverage Ratio • Let on 20-year leases, expiring 14.12.2026 (unexpired term - just over 7 years). Tenant Covenant Sub-Tenant Covenant – • Passing rent: £1,039,040 per annum (£15.19/ft2). Toyota & Lexus • Leases subject to five-yearly, upward-only RPI-linked New Car Sales rent reviews, capped at 13.14%. Investment Comparables • Next rent review: December 2021 – rent will increase to £1,175,569 per annum based upon the 13.14% cap. Proposal VAT EPC Contact Information Lexus Proposal We are instructed to seek offers in excess of £14,975,000 (Fourteen Million Nine Hundred & Seventy Five Thousand Pounds) subject to contract and exclusive of VAT for the freehold interest. This pricing offers an appealing Net Initial Yield of 6.50%, increasing to 7.36% in December 2021 based upon the 13.14% cap. Pricing and yield profile based upon standard purchaser’s costs of 6.73%. Toyota BENTLEY • LAMBORGHINI • TOYOTA • LEXUS | 2-6 WINGFOOT WAY • FORT PARKWAY • BIRMINGHAM • B24 9HF 9 8 7 6 Executive Summary Location 4 The property is located in Location Birmingham, the UK’s second city with a population of Property 1,085,810 inhabitants [source: Census 2011]. Tenure 5 Positioned opposite the Fort Tenancy Shopping Park, the property is situated 5 miles to the 1 Sub-lease Toyota/Lexus north east of Birmingham city centre and benefits from Floor Area excellent transport links with the M6 Motorway running Site Area immediately to the south and 2 Site Coverage Ratio Junction 5 being 1.5 miles 3 M6 to the east. The property enjoys good visibility from Tenant Covenant the M6 carriageway, further Sub-Tenant Covenant – enhancing the profile of the property. Toyota & Lexus M6 New Car Sales A recognised franchised Investment Comparables vehicle retailing location that services the central and northern Birmingham CANNOCK Proposal area, a variety of brands are 1 Prologis JLR Castle Bromwich LICHFIELD VAT represented in the vicinity, M6 M6 2 McDonalds Drive Thru TOLL including Land Rover, Audi, M6 M54 EPC TOLL Honda, Peugeot, Citroen, 3 The Fort Shopping Park M54 TAMWORTH Contact Information Skoda, Mercedes Benz and 4 DHL M6 Volvo. M42 WOLVERHAMTPON 5 Fort Dunlop WALSALL M6 The Bentley and Lamborghini TOLL M42 franchises service the wider 6 Jaguar Land Rover Castle Bromwich Assembly Plant M6 West Midlands territory. The SUBJECT SITE subject property represents 7 Amazon one of only 21 official Bentley DUDLEY M5 8 Hermes M6 outlets and one of only 8 M42 BIRMINGHAM Lamborghini outlets in the 9 Iron Mountain M6 UK. M5 STOURBRIDGE M42 SOLIHULL M5 KIDDERMINSTER M42 M42 M42 M5 M40 REDDITCH BENTLEY • LAMBORGHINI • TOYOTA • LEXUS | 2-6 WINGFOOT WAY • FORT PARKWAY • BIRMINGHAM • B24 9HF Executive Summary Property The property comprises Location three standalone dealership facilities that extend to a total Property floor area of 6,353.0m2 (68,386ft2) on a site of 2.284 Tenure hectares (6.632 acres). Tenancy All three dealership facilities provide modern, purpose- Sub-lease Toyota/Lexus built accommodation that accommodates four Floor Area individual brands, providing corporate identity compliant Site Area outlets. The dealerships all Site Coverage Ratio provide a comprehensive range of facilities, including showroom and aftersales. All Tenant Covenant showrooms benefit from a Sub-Tenant Covenant – double-height sales area with full-height glazed elevations. Toyota & Lexus New Car Sales Externally, the low site Investment Comparables density affords a substantial vehicle display and parking provision with 558 spaces Proposal across the three dealerships. VAT EPC Tenure Contact Information Freehold (Title No. WM874216 & WM847471) BENTLEY • LAMBORGHINI • TOYOTA • LEXUS | 2-6 WINGFOOT WAY • FORT PARKWAY • BIRMINGHAM • B24 9HF Lease Term / Unexpired Rent Passing Rent Increase @ Next Executive Summary Tenancy Property Tenant Guarantor Rent Review Expiry Term (per annum) Review The three dealership facilities are Location all let to Sytner Group, the UK’s 5-yrly, upward-only, largest franchised vehicle retailer, 20 years 15.12.2021 - rent will Bentley/ Sytner Group RPI-linked on the following lease terms: Sytner Properties Ltd expiring Just over 7 yrs £327,436 increase to £370,461 p.a. Lamborghini Limited (increase Property 14.12.2026** (based upon 13.14% cap) capped at Tenure Sub-Lease* 13.14%) 5-yrly, upward-only, Tenancy The Toyota and Lexus dealerships 20 years 15.12.2021 - rent will Sytner Group RPI-linked have been sub-let to Vantage Motor Toyota* Sytner Properties Ltd expiring Just over 7 yrs £415,627 increase to £470,240 p.a. Sub-lease Toyota/Lexus Limited (increase 14.12.2026** (based upon 13.14% cap) Group Limited on identical terms capped at to the above leases, including rent 13.14%) passing and review provisions. Floor Area 5-yrly, That said, both leases have been upward-only, Site Area 20 years 15.12.2021 - rent will excluded from the L&T Act 54’ Sytner Group RPI-linked Lexus* Sytner Properties Ltd expiring Just over 7 yrs £295,977 increase to £334,868 p.a. Site Coverage Ratio and do not benefit from options to Limited (increase 14.12.2026** (based upon 13.14% cap) renew upon expiry. capped at 13.14%) Tenant Covenant £1,039,040 £1,175,569 Sub-Tenant Covenant – Total (£15.19/ft2) (£17.19/ft2) Toyota & Lexus New Car Sales **The leases are all subject to a tenant option to renew for 3x successive terms of 10yrs. The renewal leases to be on identical terms to the Investment Comparables existing leases, including rent review provisions, providing continued upwards only, RPI linked rental growth. Proposal VAT EPC Contact Information BENTLEY • LAMBORGHINI • TOYOTA • LEXUS | 2-6 WINGFOOT WAY • FORT PARKWAY • BIRMINGHAM • B24 9HF Bentley / Lamborghini Toyota Lexus Executive Summary Floor Area Description M2 Ft2 Description M2 Ft2 Description M2 Ft2 The property has been Location Showroom 1,032.9 11,118.3 Showroom 710.5 7,648 Showroom 647.8 6,973 measured by Greenhatch Limited, specialist measured Workshop 766.9 8,255.3 Workshop 1,121.4 12,071 Workshop 775.1 8,343 Property building surveyors. A Measured Survey Report can be made First Floor First Floor First Floor Tenure 62.8 676.0 542.2 5,836 472.5 5,087 available on request and a letter Offices Offices Offices of reliance provided. Valet Wash Valet Wash 133.0 1,432 87.9 946 Tenancy Building Building Sub-lease Toyota/Lexus Total 1,862.6 20,050 Total 2,507.1 26,987 Total 1,983.3 21,349 External Parking External Parking External Parking Floor Area Site Area Display 12 spaces Display 88 spaces Display 35 spaces Site Coverage Ratio Other 95 spaces Other 215 spaces Other 113 spaces Total 107 Spaces Total 303 spaces Total 148 spaces Tenant Covenant Sub-Tenant Covenant – Toyota & Lexus New Car Sales Investment Comparables Proposal VAT EPC Contact Information Site Area The site (edged red) extends to 2.684 hectares (6.632 acres). Blue and green shaded area indicates sublease demise. Site Coverage Ratio Low site density at 19.5%. BENTLEY • LAMBORGHINI • TOYOTA • LEXUS | 2-6 WINGFOOT WAY • FORT PARKWAY • BIRMINGHAM • B24 9HF Executive Summary Tenant Covenant New Car Sales Sytner Group is the largest automotive retail group in the UK (by The Society of Motor Manufacturers & Traders (‘SMMT’) forecast for new car sales in 2019 is Location turnover), achieving circa £6bn in the financial year ending 31.12.2018. 2.313m units. Whilst the sector has seen a decline in sales, it should be appreciated that the market is falling back from an all-time high (2.693m units in 2016). Property The property is let to Sytner Properties Limited (Company No. 03611990) and guaranteed by Sytner Group Limited (Company No 2019 performance is currently running in line with the annual average over the last 10 years. Tenure 02883766), the ‘top company’ for the Group and rated “Very Low Risk” by Experian, the top Commercial Delphi Band (report available upon Tenancy request). The rent is received directly from Sytner Group Limited. Sub-lease Toyota/Lexus Sytner Group Limited Floor Area FYE 31.12.2018 FYE 31.12.2017 FYE 31.12.2016 Site Area Turnover £5.954bn £5.563bn £4.812bn Site Coverage Ratio Investment Comparables Profit Before Tax £113,266,000 £99,119,000 £109,376,000 Investors are attracted to the sector as a result of strong property fundamentals and dealer Tenant Covenant Net Assets £394,869,000 £350,820,000 £282,187,000 / brand commitment to outlets, which offer asset enhancement opportunities through lease Sub-Tenant Covenant – restructuring. Toyota & Lexus Term Certain Net Initial New Car Sales Location Franchise Tenant Price Date Sub-Tenant Covenant – Toyota & Lexus (Years) Yield Investment Comparables Beckton dealerships Porsche Lancaster Plc 16 £12m 4.17% Sept-19 (East London) Proposal The Toyota and Lexus dealerships are sublet to Vantage Motor Group Peugeot/ Peugeot Motor Limited (Company No. 04652938), a regional dealer group with 24 Manchester 8 £5.87m 5.38% Aug-19 VAT Citroen Company Plc franchised dealerships, with a particular focus on Toyota (13 outlets).
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