Prominent Roadside Investment
237-239 Abbey Lane | Leicester | LE4 5QH
offers in the region of
Let to Kwik-Fit Properties Ltd
Lease until December 2027 – no breaks
Highly prominent roadside location on busy road
Offers in excess of £800,000, subject to contract
Attractive Initial Yield of 5.63%
Leicester is the second largest commercial centre in the East Midlands, located approximately 103 miles from London, 45 miles east of Birmingham and 27 miles south of Nottingham. The city affords excellent communication links lying immediately to the east of the M1 motorway, adjacent to junctions 21 and 21a. Local infrastructure, including the M69 motorway, provides excellent links to the M6 and M42.
Leicester has a diverse socio-economic and demographic profile. The 2011 Census shows that Leicester is now the most populous urban centre in Leicestershire with 324,000 persons: an increase of over 45,000 since 2001. Leicester is home to two large Universities with a combined enrolment of approximately 40,000 students.
The property is located one mile north of Leicester City Centre and lies in a highly prominent position on the main A6 Trunk Road known as Abbey Lane.
The surrounding area is mainly residential whilst close by on this major arterial route are various auto occupiers including main dealerships for Peugeot, Renault, Nissan and Lexus as well as depots for We Buy Any Car and Formula One Auto Centre.
Other neighbouring national commercial/retail occupiers include B&Q, Asda, Aldi, HSS Hire and Nuffield Health’s prestigious Fitness & Wellbeing premises situated opposite Abbey Park – the City’s premier and most historic public park.
Less than 5 minutes’ walk from the premises is The National Space Centre, home to the UK’s largest designated space museum, which welcomes over 300,000 visitors each year.
The property comprises a single storey tyre depot of steel portal frame construction with 5 vehicle entrance doors to the front elevation. The walls are of facing brick with pressed aluminium sheet above. There is a pitched roof lined internally. The property benefits from forecourt area to the front of the building.
Internally the property has painted concrete floor and is subdivided to provide office/reception area, staff area/toilets and workshop.
We understand the subject property has a gross internal floor area of 390.30 sq m (4,201sq ft) The site area is approximately 0.078 hectares (0.192 acres).
The property is let to Kwik-Fit Properties Limited, with a guarantee from Kwik-Fit Holdings Limited, on a full repairing and insuring lease for a term of 30 years from 22nd December 1997 until 21st December 2027.
The current rent is £47,527 pa (£11.31/sq ft), with a rent review due 22nd December 2022.
The tenant’s ultimate parent company is Intochu Corporation who reported consolidated net profits of 501.3 billion yen (£3.66 billion pounds) to 31st March 2020. The company is ranked 72nd on the list of Fortune Global 500 companies with an annual trading revenue of $100.5 billion (£77.5 billion). For more information visit: www.itochu.co.jp/en.
Guarantor - Kwik-Fit Holdings Limited (00362333) has reported the following figures:
|31st March 2020||31st March 2019|
Tenant - Kwik-Fit Properties Limited (02579167) has reported the following figures:
|31st March 2020||31st March 2019|
Established in 1971, Kwik-Fits principal activities are the operation of automotive repair centres for tyres, exhausts, brakes, suspension, MOT, servicing and a fleet of mobile tyre fitting vehicles. The company operates from over 600 specialist fitting centres and 150 mobile fitting vehicles in the UK. For more information visit: www.kwikfit.com.
The property has been elected for VAT. It is anticipated that the transaction will be treated as a Transfer of a Going Concern (TOGC).
We are instructed to seeks offers in excess of £800,000 (Eight Hundred Thousand Pounds), exclusive of VAT, in respect of our clients Freehold Interest in the property, with the benefit of the existing lease. This reflects a Net Initial Yield of 5.63% after deduction of purchaser’s costs.
Please note that a purchaser will be charged a Transaction Fee of £5,000 plus VAT.
An opportunity to acquire a freehold roadside investment;
The property occupies a prominent roadside location;
The property provides secure income, being let to Kwik Fit (Pre-Tax Profits £99.9m);
Ultimate parent company ranked 72nd on the list of Fortune Global 500 companies;
Attractive lot size for an investor.
Data Room and clicktopurchase®
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We have established relationships with a number of leading finance companies who are in a position to quote terms for suitable situations. To learn more, please visit our “Finance” section.
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