Workshops and offices occupied by in the Just Car Clinic at The Wicker Centre on Savile Street, Sheffield, have been sold for £1.375 million.
Crosthwaite Commercial negotiated the purchase of the 28,000 sq ft investment on behalf of a private local investor.
The vendors, who were joint fixed charge receivers, were represented by CBRE & Eaton Commercial.
The property is let to Just Car Clinic Group until 2028 at a current rent of £155,796 a year.
Martin Crosthwaite of Crosthwaite Commercial said “This represented an excellent opportunity for our clients to secure a well let investment at a double figure yield with over 16 years left on the lease to a good covenant.
“As the banks and other financial institutions are pressurised into selling attractive investments such as these, investors with access to funds can achieve returns way beyond what they can expect from deposit accounts and anticipate significant capital growth once the markets start to recover.”
The Just Car Clinic deal follows CBRE & Eaton Commercial’s sale of Unit 1 to Unimerco for £600,000 and Units 2 to 5 to a private Sheffield developer for £275,000.
Robin Bullas, associate director of capital markets at CBRE, said: “The sale of The Wicker Centre properties represents a fantastic investment for the purchasers; based in a significant location and renowned as one of the main motor trade locations in the city, other nearby motor trade occupiers include Land Rover, Mini, Ford, Vauxhall and Nissan. Furthermore a new 24 hour Tesco Extra opened at the end of last year enhancing the location and traffic flow.”