The property is located in a prominent position next to Durham City Retail Park and let to Sherwoods Limited, who run a Peugeot dealership on the site. The property is let for another 11 years and provides a rent of approximately £140,000 p.a.
Jamie Thain, Investment Partner at Galbraith Commented:
This investment sale attracted interest from across the UK including private investors and a number of specialists in the motor-trade property sector. The property fundamentals are robust, as with many car dealerships, it is a modern, fit for purpose prominent building, let to a strong tenant and situated on a generous site.
The property was purchased by a private investor represented by Daniel Capobasso, Partner at Johnson Tucker, based in Newcastle Upon Tyne.