The Automotive & Roadside team at global real estate advisor, Colliers International, has acquired the 10,013 sq ft Peugeot/Kia dealership, on Pinchington Lane in Newbury, for £2.6 million, on behalf of Kames Capital. The premises were sold by Marshall Roebuck Property Ltd.
The property was leased to Snows Business Holdings Limited with over 19 years unexpired at a rental of £150,000 per annum.
Situated on a prominent one-acre site, within Newbury Motor Park, an established area for premier motor retail and retail warehousing, the property is divided into two sites, one of which comprises the Peugeot facility providing showroom, offices, ancillary, workshop and parts department, whilst the second site houses a modern Kia “Cube” showroom, along with associated used car display and car parking.
Located approximately three miles south east of Newbury town centre, other brands represented within the Park include Honda, Ford, Volkswagen, Volvo, and Nissan.
Anthony Keohane, director in the Automotive and Roadside team at Colliers International, commented: “This opportunity provided long term income with guaranteed rental growth secured against a strong covenant. The buildings were constructed to the latest manufacturer standards and sit within an established motor park.”
Colliers International advised the purchaser, Kames Capital. The vendor, Marshall Roebuck Property Ltd, was advised by APC.