Savills drives £1.875 million acquisition of Solihull's Kia Motors dealership

15 November 2016

International real estate advisor Savills, on behalf of a private investor, has acquired a car dealership occupied by Kia Motors in Elmdon, Solihull from Custodian Capital for £1.875 million, reflecting a net initial yield of 7.28%.

The 9,144 sq ft (850 sq m) property is the only Kia Motors franchise in the Birmingham area and features 11 showroom spaces as well as a customer cafe and office space.  It is let to Allen Ford (UK) Ltd, one of the UK's leading franchised car dealership operators, on a lease with 4.5 years unexpired at a rent of £145,000 per annum.

Prominently situated on the A45 (Coventry Road) near Birmingham Airport, which is the main arterial route from Birmingham city centre to Junction 6 of the M42, the dealership is also well located for access to the M40, M5 and M6 motorways.

Ned Jones, investment director at Savills Birmingham, comments: "We are really pleased to have secured this asset on behalf of our client under strong competition from other investors.  The site is very prominent and offers a lot of potential for future alternative roadside development."

The vendor was represented by FSP.


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