11:44 am, August 22, 2017
A CAR showroom in Lancashire has been bought by a real estate investment company.
According to Insider Media Limited, real estate investment trust LXi REIT acquired the Burnley Motorpoint showroom for £5.7m.
The 10-acre site, which is just off junction nine of the M65, opened in November 2001 and can stock more than 600 new and nearly new cars.
The main building houses a reception, sales area, café and offices. There are also two other buildings that are used for vehicle preparation, repairs and valeting.
Simon Lee, partner at LXi REIT Advisors, told Insider Media Limited: ‘This acquisition provides the company with additional long-term, secure and RPI-linked income.
‘The property benefits from a strong residual value and is one of the tenant’s top trading locations.’
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