Glenstone purchases Prime Birmingham Car Showroom
Posted on September 5, 2022
Glenstone REIT Plc are pleased to announce the acquisition of a highly prominent car show room adjacent to the City's hugely popular Star City mixed use leisure complex.
The property was purchased for £2,250,000 reflecting a net initial yield of approximately 6.40%.
The property is let to Volkswagen Group United Kingdom Limited on FRI terms until 2027, with a sub-lease to Vertu, trading under the Seat brand.
Managing Director Ben Green commented 'Throughout the last 12 months we have continued to sell down assets not considered core to our Strategy whilst creating a more institutional portfolio. This forms a key holding and location for Glenstone.'
Rapleys acquired the asset on our behalf whilst HSM advised the vendor.