8:26 am, July 23, 2024
A complex of franchise car dealerships is being tipped to fetch a whopping £3.5m after being listed for sale online.
The site, on Tritton Road in Lincoln, is home to five showrooms representing six brands – Vauxhall, Renault, Dacia, Mazda, BYD, and Peugeot.
All the dealerships are currently operated by Car Dealer Top 100 group Motus, which has a lease running until September 2035.
The group pays an annual rent of £260,000, although that figure is set to rise to £290,000 from September 2025, ahead of a further rent review five years later.
The properties are being sold via Savills Automotive, who have described the plot as an ‘appealing investment opportunity’. Agents say they will consider offers of £3.5m for the 2.92 acre facility.
Writing in the brochure, Savills say: ‘The property comprises five buildings accommodating the Peugeot, Renault, Dacia, Vauxhall, BYD, and Mazda brands.
‘It has a highly visible frontage to the busy A1192 Tritton Road, with 18,727 vehicles passing daily, together with extensive used car display and parking.
‘It is let to Motus Group (UK) Limited, a wholly owned subsidiary of South Africa’s largest Automotive group – The Motus Corporation.
‘The property is let to Motus Group (UK) Limited for a term of 15 years from 28 September 2020, expiring 27 September 2035.
‘The current passing rent is £260,000 per annum equating to a net rent of £252,200 per annum. The lease is subject to a rent review on 28 September, 2025 to a fixed increase of £290,000 per annum equating to £282,200 net per annum.
‘The tenant has an option to break on 28 September 2030 subject to 6 months’ notice. The lease is subject to a schedule of condition.’
Any investors interesting in taking on the site should contact Savills Automotive for more information.
