Driving Test Centre

4 Longman Drive, Inverness, Highland, IV1 1SU
OIRO
£1,900,000
Let to Secretary of State for Communities & Local Government t/a Driving Standards Agency
Term certain until 30th September 2023 (just under 8 years unexpired)
Lease expiry 30th September 2048
Current passing rent of £196,445 per annum with a further RPI indexed rent review in 2018
Site area of 1.87 acres

The property comprises a flat site of approximately 1.87 acres, (0.77 ha), which is currently used as a driving school and motorcycle test centre. It is predominantly an open tarmacked area with a
small cabin of c. 1,000 sq ft at the entrance which is used as a waiting area and office.

We are instructed to seek offers in the region of £1.9m for the Long Leasehold interest in the subject property. A purchase at this level reflects a Net Initial Yield of 8.11% after purchaser's costs including LBTT.

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