A 25,000 sq ft Bentley dealership in Knutsford has sold for £7m, an increase in value of £1.3m since it was purchased three years ago.
Custodian REIT, advised by Metis Real Estate, sold the building on Mobberley Road to CCLA, a fund which invests on behalf of charities and churches.
Custodian REIT said the sales price represented a net initial yield of 4.92%. The REIT bought the property for £5.7m in 2014.
The dealership is currently let to R Stratton & Co on a lease expiring in 2058, at a rent of £15/sq ft.
Richard Shepherd-Cross, managing director of Custodian’s external fund manager Custodian Capital, said: “The current lack of available investment stock, coupled with strong demand, has led to valuations of this type of property showing significant increases over the last 18 months.
“Despite a long-term lease being in place, we believe this was the right time to take advantage of market conditions and crystallise a significant valuation gain.”