Law firm Shepherd and Wedderburn, acting for OLIM Limited, has completed acquisitions of five purpose-built car showrooms on behalf of its discretionary fund management clients totalling £13.6 million at a net initial yield of 7%.
The properties are let to Pendragon plc on F.R.I. leases with 16 years unexpired, with annual rent reviews in line with the Retail Price Index capped at 2.77%.
The properties, in Ayr, Cupar, Giffnock (Glasgow), Newport Pagnell and Solihull are freehold or heritable and trade as Mercedes-Benz or Land Rover.
Kitchen La Frenais Morgan and Shepherd and Wedderburn LLP acted on behalf of the purchasers and Colliers International, Geldards and Biggart Baillie for the vendor.