Modern car showroom units

Freehold

The units are let to Dixon Motor Holdings Limited (guaranteed by Dixon Motors Plc)

30 year full repairing and insuring leases from November 2001. The 5 yearly fixed rent review cycle will commence in December 2011 with a fixed uplift to £319,197 per annum. Reviews thereafter are based on 3% per annum compounded uplifts.

The rent from completion of the sale will be £275,342 per annum.

Dixon Motors Plc  for the year ending December 2001 posted a turnover of £817.335 million with pre-tax profits of £10.699 million and equity shareholders funds of £71.6 million. In April 2002 the entire share capital of Dixon Motors Plc was acquired by The Royal Bank Of Scotland Plc subsidiary Lombard North Central Plc.

It is believed that the property qualifies for Disadvantaged Area Stamp Duty Exemption.

We are instructed to seek offers in the region of £4,500,000 subject to contract and exclusive of VAT. Based on a rental of £275,342 per annum this reflects a net initial yield of 6% assuming purchaser’s costs of 1.75%.