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Sydragon Portfolio Car Dealership Investment Portfolio – for Sale

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Sydragon Portfolio Car Dealership Investment Portfolio – for Sale SYDRAGON PORTFOLIO CAR DEALERSHIP INVESTMENT PORTFOLIO – FOR SALE HUDDERSFIELD – Mercedes-Benz, Leeds Road HD2 1UA MAIDENHEAD – BMW, Bath Road, Taplow SL6 0BW SOLIHULL – Toyota, 824–828 Stratford Road B90 4BQ CARDIFF – 232 Penarth Road CF11 8FR 1 SYDRAGON PORTFOLIO CAR DEALERSHIP INVESTMENT PORTFOLIO FOR SALE HUDDERSFIELD | MAIDENHEAD | SOLIHULL | CARDIFF Portfolio Investment Summary • Strong tenant covenants being the top 2 Dealer Groups by turnover in the UK • 53% of rental income from Prestige Franchises • Anticipated 55% RPI income • Assets located in prime positions • National spread • Low average site density at 28% • Weighted average unexpired HUDDERSFIELD Mercedes-Benz CARDIFF lease term of 11.3 years • Combined rental income of £1,386,211 p.a. • Price – £23,000,000 equating to 5.64% NIY SOLIHULL Toyota MAIDENHEAD BMW 2 SYDRAGON PORTFOLIO CAR DEALERSHIP INVESTMENT PORTFOLIO FOR SALE HUDDERSFIELD | MAIDENHEAD | SOLIHULL | CARDIFF Portfolio Summary Property Address Description Lease Term Next Lease Unexpired SQ FT Acres Site Passing £psf Comments & Tenure Start (years) Review End Term Density Rent Freehold let to Leeds Road, Pendragon Property 5 Yearly rent Mercedes- Huddersfield Holdings Limited 20/12/2004 20 20/12/2009 19/12/2024 6.8 20,934 1.50 32% £328,108 £15.67 reviews to the Benz HD2 1UA guaranteed by market rent. Pendragon PLC Bath Road, Freehold let to Sytner 5 Yearly rent Maidenhead, Limited guaranteed BMW 25/03/2018 20 25/03/2023 25/03/2038 20.0 21,742 2.00 25% £400,000 £18.40 reviews to RPI Buckinghamshire by Sytner Group capped at 2.5% p.a. SL6 0BW Limited 5 yearly rent Freehold let to Sytner reviews to RPI Stratford Road, Holdings Limited capped at 2.85% P.A Toyota 01/10/2007 20 01/10/2022 30/09/2027 9.5 18,009 1.25 33% £380,908 £21.15 Solihull guaranteed by Sytner compound. Sublet Group Limited to Vantage Motor Group. Freehold let to Pendragon Property 5 Yearly rent Vacant 232 Penarth Road, Holdings Limited 20/12/2004 20 20/12/2019 19/12/2024 6.8 17,785 1.61 25% £277,195 £15.59 reviews to the Dealership Cardiff CF11 8FR guaranteed by market rent. Pendragon PLC 11.3 78,470 6.36 28% £1,386,211 £17.10 3 SYDRAGON PORTFOLIO CAR DEALERSHIP INVESTMENT PORTFOLIO FOR SALE HUDDERSFIELD | MAIDENHEAD | SOLIHULL | CARDIFF HUDDERSFIELD MERCEDES-BENZ Leeds Road HD2 1UA SUMMARY • Prominent main road dealership • Sits within substantial Mercedes market • Modern dealership along Huddersfield’s ‘motor area operated by Pendragon, including Leeds, alley’, where franchises representing over two Bradford, and Wakefield and therefore thirds of UK new car sales are sited represents a key asset for this business. • Neighbouring Audi dealership recently • Prestige franchise re-furbished, further emphasising the importance • 100% income secured against UK Number 2 of the location. Dealer Group (by turnover), Pendragon PLC 4 SYDRAGON PORTFOLIO CAR DEALERSHIP INVESTMENT PORTFOLIO FOR SALE HUDDERSFIELD | MAIDENHEAD | SOLIHULL | CARDIFF Description Tenancy EPC The property was built in 2004 and is a purpose-built • The property is leased to Pendragon Property Holdings Ltd D:88. Mercedes dealership comprising a showroom, offices, with a guarantee from Pendragon PLC on a 20-year lease from workshop, first floor offices, valet bay and external 20th December 2004 on FRI terms. Covenant Summary parking. • Rent reviews are five yearly to Market Rent with the current Pendragon, based in Nottingham, is a publically listed multinational operator of franchised car dealerships in the United Kingdom with SQ FT SQ M passing rent at £328,108 per annum. Subsequent rent reviews will be five yearly in an upwards only direction. outlets in the United States. Having previously been the top-ranked Mercedes Showroom 6,035 560.7 UK Vehicle retailer by turnover Pendragon is now No.2 but still with • Unexpired term 6.8 years with the next rent review being in SMART Showroom 2,432 225.9 turnover of over £4.5 billion, up c.£84 million from 2015. In the UK, December 2019. Pendragon trade under the Evans Halshaw (12 brands across 118 Showroom, Offices 2,323 215.8 and Ancillary outlets) and the Sratstone (11 brands across 70 outlets) banners. Workshop 4,064 377.5 The former being the UK’s leading volume motor car retailer, and Parts and Tool Store 1,668 154.9 the latter being one of the UK’s leading premium car retailers. Valeting Bay 1,041 96.8 Pendragon’s franchise breadth and reach places it in the optimum position to capitalise from anticipated growth in the used, premium, First floor aftersales and online businesses. This realisation has seen Mezzanine Offices 1,352 125.6 Pendragon’s share price recover following profit warnings in Ancillary 963 89.5 October 2017. It is conceivable that Pendragon, along with Sytner Parts Mezzanine 1,056 98.1 will surpass the £5 billion turnover mark in the near future. TOTAL (GIA) 20,934 1,945.00 Pendragon Property Holdings Ltd has a D&B rating of 1A1 meaning it “represents a minimum risk of business failure”. Parking Pendragon PLC has a D&B rating of 3A1 meaning it “represents a Display 106 minimum risk of business failure”. Demos 12 Customer 25 Pendragon Property Holdings Ltd 2014 2015 2016 General 30 Turnover – – – Total 173 Profit/(Loss) (£2,549,000) (£1,815,000) (£1,594,000) The property sits on a site of 1.50 acres (0.61 before tax hectares) and produces a site density of 32%. Net Current Assets (£87,295,000) (£98,328,000) (£121,068,000) (Liabilities) Pendragon PLC 2014 2015 2016 Turnover £4,000,400,000 £4,453,900,000 £4,537,000,000 Profit/(Loss) £64,600,000 £79,000,000 £73,000,000 before tax 5 SYDRAGON PORTFOLIO CAR DEALERSHIP INVESTMENT PORTFOLIO FOR SALE HUDDERSFIELD | MAIDENHEAD | SOLIHULL | CARDIFF << TO M62 J25 NEPTUNE WAY A62 LEEDS RD TO HUDDERSFIELD >> 6 SYDRAGON PORTFOLIO CAR DEALERSHIP INVESTMENT PORTFOLIO FOR SALE HUDDERSFIELD | MAIDENHEAD | SOLIHULL | CARDIFF TO M62, BRADFORD A A6 6 32 AND LEEDS 44 1 77 W TO A1(M) A 25 KE & HARROGATE F TO M621 AND LEEDS IEL BRADFORD LEEDS D RD 32 3 32 M621 M1 M65 A 6 6 2 3 1 9 0 A 6 6 A 4 A 27 A 6 6 M62 5 46 A58 26 6 M62 42 62 A R D 25 A62 LEEDS TO BLACKBURN 40 A644 A6 32 44 TO MANCHESTER 24 62 HUD A 39 A6 DE 2 9 R SF 3 3 2 IE 0 A64 LD M66 6 M62 A R HUDDERSFIELD D TO M1 J40 19 M1 A58 A 62 9 18 MIRFIELD M61 37 M60 15 EEDS RD TO BOLTON L 2 12 A6 MANCHESTER A628 1 A6 M1 Leeds Road NEPTU NE WAY M62 32 M67 32 HD2 1UA DEIGHTON M60 TO SHEFFIELD TO WARRINGTON 5 32 M60 32 3A M56 Location Huddersfield is an important retail and commercial centre in West Yorkshire, England. It is the administrative capital and the largest urban area in the Metropolitan Borough of TO HUDDERSFIELD Kirkless, the 11th largest local authority district in England and Wales. Kirklees has a population of 4287,279 (2014) with Huddersfield having an estimated population of 169,928 (2016), elevating it to the 11th largest town in the UK. Huddersfield has excellent road communications and benefits from a primary catchment population of 317,000. Kirklees population is predicted to increase by 6.3% by 2025, and the age and socal- economic profile is in line with the UK average. It is located 14 miles (23 km) south-west Situation of Leeds, 22 miles (35.4 km) north east of Manchester, 10.3 miles (16.6 km) south of The property occupies a prominent position on Trident Business Park fronting Leeds Road (A62) in an Bradford and 190 miles (310 km) north of London. Huddersfield’s good transport links in area of mixed motor retail and retail warehousing use, immediately adjacent is Audi Huddersfield include rail links to both Manchester and Leeds. It is connected to the UK motorway while there are various trade counter and warehouses to the rear. Peugeot, Toyota, Volvo and system by the M1 (12 miles) to the East via the A637 and M62 (Junctions 23, 24 & 25) to Volkswagen are all represented on Leeds Road and Huddersfield town centre is located just 3 miles to the North. the south-west. 7 SYDRAGON PORTFOLIO CAR DEALERSHIP INVESTMENT PORTFOLIO FOR SALE MAIDENHEAD | HUDDERSFIELD | SOLIHULL | CARDIFF MAIDENHEAD BMW Bath Road, Taplow SL6 0BW SUMMARY • Prominent A4 location in affluent • Part of substantial South East BMW Thames Valley town market area operated by Sytner including • Prestige franchise High Wycombe and Sunningdale • Tenant recently invested c.£1.2 million • 100% income secured against UK refurbishing the dealership, underlining Number 1 Dealer Group (by turnover), its strategic importance Sytner Group Ltd. 8 SYDRAGON PORTFOLIO CAR DEALERSHIP INVESTMENT PORTFOLIO FOR SALE MAIDENHEAD | HUDDERSFIELD | SOLIHULL | CARDIFF Description Tenancy EPC The main BMW building comprises a purpose built • The property is leased via an assignment from Pendragon BMW dealership – D:89. dealership providing showroom, offices, workshop, Ltd to Sytner Vehicles Ltd guaranteed by Sytner Group Ltd in Used car showroom – F:137. first floor offices and external car parking. Opposite is 2014 for 20 years from 24th June 2004 on full repairing and a used car sales site providing sales office, vehicle insuring basis. display and parking. • Rent reviews are five yearly to market rent. • The current passing rent is £428,931 and there is a rent review SQ FT SQ M in June 2019. Showroom 4,393 408.2 • Unexpired term 6.3 years.
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