MVJ Capital, represented by Savills, has acquired the Imperial Cars showroom on Penarth Road, Cardiff for £3.15 million from Royal London representing a net initial yield of just under 8.3%.
Prominently located on the corner of Penarth Road and Hadfield Road in an established out of town prime car dealership retail location nearby occupiers include Lexus, Toyota, Honda, Jaguar, Land Rover, BMW, Porsche and Renault.
The 17,000 sq ft property is let to Pendragon Property Holdings and sublet to Imperial Cars Ltd.
Ross Griffin, investment director at Savills Cardiff, comments:
“Penarth Road in Cardiff has long been a hub for automotive and bulky goods retailers and this asset is at its heart with an excellent dual frontage on Penarth and Hadfield Road. We are pleased to have secured the property for our client with the attractive income stream and medium term growth prospects.”
Matthew Pearcey of MVJ Capital adds:
“This purchase continues our acquisition trail of prime sites around Cardiff with quality tenants, secure income, along with future development potential. This purchase followed on from our £5 million acquisition of 31-33 Newport Road in the latter part of last year.”
Automotive Property Consultancy represented Royal London.