30th April 2019
Car supermarket agrees lease for docks site
A used car supermarket has agreed a 15 year lease on a 62,000 sq ft industrial unit for a new showroom at Royal Portbury Dock in Bristol.
Imperial Car Supermarket has agreed the lease with M7 Real Estate on behalf of a global institutional investor, with no breaks and rent reviews every five years.
The deal, which is expected to generate £650,000 of annual rental income, is M7’s largest letting to date by annual rent.
The agreed rent is a 42% increase on the previous rent agreed with BCA which vacated the site late last year.
As well as the recently refurbished unit, the site also has 7.2 acres of net useable land, which will provide the car retailer with a much larger showroom.
The dock is situated approximately nine miles west of Bristol city centre in an area popular with the automotive industry due to its immediate proximity to the M5.
James Chasen, asset manager at M7, said: “As our largest UK letting by rent to date, this is a significant milestone for M7 and testament to the strong occupational market for this type of product.
“The seven acres of additional storage land that this asset offers makes it a unique proposition in a market where supply is already scarce.
“The letting is in line with our strategy and we have capitalised on the location’s attraction to the car industry, providing a unit well suited to the needs of the occupier.
“This has also enabled us to secure a long lease underpinning an attractive income return for our client.”
M7 was advised by Alder King while Lambert Smith Hampton advised Imperial Car Supermarket Ltd.