Project Overview
A freehold sale and leaseback of 603,098 sq. ft. of distribution and offices in four buildings let to Peugeot Motor Company Plc in Birmingham. This is the companies only distribution centre for their spare parts division serving the entire UK motor dealership network and they have occupied the site since the 1980’s.The lease is for 14.75 years and the tenant is contracted to pay £1,350,000 p.a. (£2.24 per sq.ft. overall). Fixed uplifts every three years , RPI index compounded annually capped at 4.0% p.a. but subject to a minimum of 2% p.a.
Where:
Coventry, Birmingham – UK
Key Points:
• Price/Net Initial Yield: £14,050,000 @ NIY 9.01 % at £23.30 per sq. ft.
• Tenure: Freehold
• Tenant: Peugeot Motor Company Plc.
• Rent p.a. (per sq. ft.): £1,350,000 (£2.24 per sq. ft.)
• Net area: 603,098 sq. ft.