Topham offloads car showroom to Morley investor
26 October 2007 11:33
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Charles Topham Group has sold a car showroom on Manchester Road in Bolton to a client of Morley Fund Management for £4.3m, reflecting a net initial yield of 5.85%.
The property was let on a 25-year lease from October 2006 to Renault UK at an annual rental income of £265,000, reflecting an overall rent of £13/sq ft.
The 19,000 sq ft showroom is next to the speculative 46,000 sq ft office development Springfield Court.
James Butterworth, partner in King Sturge's investment team, said: "This transaction demonstrates that despite the uncertainty within the current market there is still investor demand for good quality well let investments."
King Sturge represented Charles Topham Group. Tudor Toone acted on behalf of Morley Fund Management.
