Colmore Capital completes deal for car showroom sale with Listers Group
Midlands-based property investor, Colmore Capital, has successfully sold its 20,560 sq ft car showroom in Coventry to national automotive operator, Listers Group.
The property was sold last November following direct negotiations between Colmore Capital and Listers Group, and the relocation of the showroom’s previous occupier.
Situated on Birmingham Road – the region’s primary automotive corridor – the showroom was one of the first assets acquired by Colmore Capital, which identified strong inherent value to the asset’s location and occupier.
During its period of ownership, Colmore Capital was able to agree a new, uplifted rent with the previous occupier and extend its lease, whilst also guaranteeing vacant possession at the end of the extended lease term to facilitate the sale.
David Corridan, Managing Director at Colmore Capital, said: “Key to the attractiveness of this asset at acquisition was its prime roadside pitch, which holds strong appeal to occupiers across multiple sectors, and the associated optionality of asset management strategies that could be pursued pending the existing tenant’s long-term plans.
“This significantly reduced the risk profile of acquiring a single-let, short-income asset and allowed us to target our exit strategy to maximise returns for our investors.”
Matthew Grainger, Investment Director at Colmore Capital, added: “We are delighted with the completion of this sale to Listers Group, which required careful management to ensure the smooth exit of the previous occupier prior to the sale.
“The property has been a great purchase for us and, with the completion of our business plan for the asset, we wish Listers Group every success in trading from its new site.”
