Cazoo agrees new 20-year lease of Cardiff showroom as site is sold for £4.1m

  • Cazoo signs lease on Cardiff showroom for £245,000 a year
  • Savills, on behalf of MVJ Capital, sold dealership to LXi REIT for £4.1m
  • Former Imperial Cars site includes a showroom, offices and workshop facilities

Time 10:17 am, May 7, 2022

Online used car dealer Cazoo has agreed a new 20-year lease of a dealership in Cardiff after it was sold.

The showroom, on 232 Penarth Road in Cardiff, was sold by Savills, on behalf of MVJ Capital, to LXi REIT for £4.1m.

Cazoo Properties Ltd, with a guarantee from Cazoo Ltd, has now signed a 20-year lease for the site at an annual rent of £245,000.

The £4.1m sale represents a net yield of 5.57 per cent.

The site approximately spans 17,785 sq ft and includes a showroom, offices and workshop facilities.

It sits around two miles south of Cardiff centre and rubs shoulders with Wessex Hyundai, Wessex Kia, Honda Cardiff and a Sytner-run BMW showroom.

Cazoo Cardiff

MVJ Capital acquired the dealership from Imperial Cars in August 2019 for £3.15m.

A report published this week by Cazoo showed the online used car retailer bought Imperial Cars for £23.8m – the first time it has revealed the full sum it paid for the car supermarket business.

The explosive 30-page dossier also warned investors it has a ‘history of losses’ and outlined 79 points where Cazoo is potentially weak.

The document went into precise detail about Cazoo’s acquisitions since the company began operating in December 2019, and made frank remarks about Cazoo never achieving profitability in the future.

More Cazoo news

Investors show their nerves for Cazoo stock but Chesterman says dramatic drop in value is due to ‘irrational fear’

Cazoo reports reduced profits for Q1 despite huge increase in revenue and vehicles sold

Used car dealer Cazoo comes under fire on BBC’s Watchdog over its 300-point checks

Former Imperial director reveals why Cazoo bought dealer group 

Picture: Cazoo’s Cardiff showroom, credit – Google Maps

James Batchelor's avatar

James – or Batch as he’s known – started at Car Dealer in 2010, first as the work experience boy, eventually becoming editor in 2013. He worked for Auto Express as editor-at-large and was the face of Carbuyer’s YouTube reviews. In 2020, he went freelance and now writes for a number of national titles and contributes regularly to Car Dealer. In October 2021 he became Car Dealer's associate editor.

More stories...

Server 190