JAGUAR LAND ROVER LOOKERS - PRIME DEALERSHIP INVESTMENT OPPORTUNITY WITH INDEX LINKED REVIEWS - Rapleys
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JAGUAR LAND ROVER LOOKERS PRIME DEALERSHIP
INVESTMENT OPPORTUNITY
AESOP BUSINESS PARK / AESOP ROAD / AYLESBURY / BUCKINGHAMSHIRE / HP22 5XX WITH INDEX LINKED REVIEWS
2 Investment Summary
• Rare opportunity to acquire a freehold flagship
Jaguar Land Rover dealership located in a highly
strategic location serving an affluent market territory
• Brand new, state-of-the-art car dealership, opened
Dec 2019, fully future proofed for both brands.
• Sale and leaseback from a top three dealer network
AESOP BUSINESS PARK / AESOP ROAD / AYLESBURY / BUCKINGHAMSHIRE / HP22 5XX
group, Bolling Investments Ltd, a wholly owned
subsidiary of Lookers plc
• New 20-year lease from completion of the sale,
with attractive 5 yearly rent reviews linked to the
Retail Price Index (RPI), collared and capped
at 1% and 3% per annum
• Initial passing rent of £750,000 p.a (£14.77 psf)
• Purpose built dealership comprising a total GIA
JAGUAR LAND ROVER LOOKERS
of 50,795 sq ft (4,719 sq m)
• Future proofed for the rise of the electric car market
with EV chargers throughout the site
• Expansive site covering 5.62 acres (2.27 hectares)
with a low site density of 17%.
• Unquestionably an essential facility and
long-term home for JLR
• Freehold
Proposal
We are instructed to seek offers in excess of
£12,220,000 (Twelve Million, Two Hundred and
Twenty Thousand Pounds), subject to contract
and exclusive of VAT. A purchase at this level
would reflect a Net Initial Yield of 5.75%, assuming
purchaser’s costs of 6.71%.
3 Location
Aston Clinton is an affluent and
highly desirable commuter-town
in Buckinghamshire, 3.5 miles
south east of Aylesbury.
The property has excellent road
A421
A41
MILTON
KEYNES
A416
A418
A5
A505
M1
A5183
A6
LUTON
HITCHIN
A1
communications being located on the
AYLESBURY DUNSTABLE A1(M)
A41 which provides a ring road to the M40
north of Aston Clinton, linking Aylesbury A418 M1
AESOP BUSINESS PARK / AESOP ROAD / AYLESBURY / BUCKINGHAMSHIRE / HP22 5XX
JAGUAR LAND A41
(3.4 miles) and Bicester (21 miles) to the ST
ROVER LOOKERS HEMEL
north west with St Albans (21 miles), OXFORD HEMPSTEAD ALBANS
Watford (21 miles) and Greater London in A4010
A413
the south east. The town lies equidistant M25
between the M40 & M1 motorways, with HIGH M25
WYCOMBE WATFORD
the M25 Orbital accessed 16 miles to M1
the south east. M40
JAGUAR LAND ROVER LOOKERS
Aylesbury railway station is located
approximately 4 miles to the east of the SAT NAV: HP22 5XX
property, Stoke Mandeville pproximately JAGUAR LAND
5 miles to the south east and Wendover ROVER LOOKERS
COLLEGE RD N
approximately 6 miles to the south B489
providing both regional and national To Aylesbury
services. The location has excellent A41 Buckland
access to several major airports
including Luton (22 miles), Heathrow LOWER ICKNIELD WY Drayton
Beauchamp
(35 miles) and Stanstead (60 miles). AYLESBURY RD LONDON RD
WESTON RD A41
BYE GREEN Aston Clinton
To
London
TRING HILL
UPPER ICKNIELD WY DANCERS END
Halton
4 Situation
The property is strategically situated
occupying a prominent position fronting
the A41 dual carriageway, accessed
Aston41 is a production/warehouse scheme
which was granted outline planning consent in
2012 for up to 240,000 sq ft of B2/B8 uses with
The wider area is a strategic and highly
important dealership territory for premium
brands, covering the affluent catchment
In terms of nearby JLR dealerships, the
brands are represented in Milton Keynes
(17 miles, Lancaster), Walford (22 miles,
from College Road North and forms the ancillary B1(a) offices and B1(c) light industry. between Milton Keynes (to the north), Watford Beadles), Slough (22 miles, Lancaster)
Mercedes-Benz took occupation of a 40,225 (to the south east), Beaconsfield (to the south) and Hatfield (25 miles, Grange).
gateway to the Aston41 scheme.
sq ft production/warehouse unit and 500-space and Oxford (to the west). Notable dealerships
AESOP BUSINESS PARK / AESOP ROAD / AYLESBURY / BUCKINGHAMSHIRE / HP22 5XX
The property lies 3.5 miles south-east car storage compound in 2018 and two further in close proximity are Mercedes (Aylesbury),
of Aylesbury, on the northern outskirts owner/occupiers, Dutytown and Brand Factory, BMW Mini (Tring), Audi (Amersham).
of Aston Clinton. have recently completed units on the scheme.
JAGUAR LAND ROVER LOOKERS
5 Description
The property comprises a newly opened,
purpose-built and impressive car dealership
extending to 50,795 sq ft (4,719 sq m).
It trades a flagship Jaguar Land Rover dealership
incorporating the iconic Arch design concept providing
a 50:50 split between Jaguar and Land Rover, with the
Offset from the showroom there is a customer waiting
area and office accommodation with recessed
spotlighting, glazed partitions and carpeted floors.
Linking the showrooms and the workshop is a
drive-in covered service department. The workshop
area is configured to provide service bays, MOT
facilities including inspection pits, roller shutter
brands sharing a central reception desk. The property is doors and an exhaust extraction system.
of steel frame construction with part glazed, part profile
Externally, the property benefits from a low site
steel clad elevations under a flat roof.
AESOP BUSINESS PARK / AESOP ROAD / AYLESBURY / BUCKINGHAMSHIRE / HP22 5XX
coverage, providing excellent vehicle display and
The accommodation is arranged over ground and first storage provisions with a total of 376 car spaces
floor levels providing two showroom areas with 18 display including display (102), customer (26), demonstrator
spaces, lounge-style waiting areas, workshop, parts and (19) and compound (229) spaces. The Property has been
office accommodation. Other key features include indoor future proofed with EV chargers located throughout the
service areas that allow customers to deliver their cars, site, in preparation for a rise in electric vehicle popularity
using CitNow eVHC technology to monitor vehicles on in the future.
arrival and also film any work carried out. The first floor The development of the new multi-million-pound
provides offices, meeting rooms, staff areas and ancillary dealership forms a consolidation of the nearby Lookers
JAGUAR LAND ROVER LOOKERS
accommodation.Internally, the double height showroom Jaguar in Amersham, Lookers Land Rover in Chipperfield,
areas are fitted to a high specification throughout with as well as Stratstone Land Rover Aylesbury which have
suspended ceilings, extensive lighting and overhead all now closed and is unquestionably an essential facility
ventilation systems. and long-term home for JLR.
AESOP ROAD
6
TH
OAD NOR
Accommodation 102 USED DISPLAY
R
COLLEGE
The property provides an approximate GIA of:
26 CUSTOMER PARKING
SQ FT SQ M
GROUND FLOOR
Showroom 12,217 1,135
UND PO
Offices 1,873 174
115 COM
14 DEMONSTRATORS 144 COMPOUND
Ancillary 1,356 126
5 DEMOS
WCs 452 42
AESOP BUSINESS PARK / AESOP ROAD / AYLESBURY / BUCKINGHAMSHIRE / HP22 5XX
Parts etc 1,399 130
Workshop/Dry Valet 20,096 1,867
A41
Drive-in service 2,842 264 AST
O N CL
INTO
N BY
Wash bays 1,722 160 PAS
S
Total GF 41,958 3,898 Site Area GROUND FLOOR
FIRST FLOOR The site extends to 5.62 acres (2.27
JAGUAR LAND ROVER LOOKERS
hectares) and provides a low site
Offices 1,755 163
density of 17%.
Ancillary 4,553 423
WCs 1,012 94 Tenure
Parts etc 1,518 141 Freehold
Total FF 8,837 821 Title No. BM428038 and BM431001
TOTAL 50,795 4,719
Tenancy
CAR PARKING SPACES
The property will be let to Bolling
Showroom 18 Investments Limited for a term of 20 years
Dry Valet 5 from completion of the sale. The lease
will be subject to five yearly RPI-linked
Workshop Bays 30 rent reviews, collared and capped at 1%
MOT 2 and 3% per annum. The initial rent will be
£750,000 per annum (£14.77 per sq ft).
Wheel Alignment 1 FIRST FLOOR
TOTAL 56
7 Dealership Market
During these unprecedented times,
there has been a limited new supply
of investment sales in this sector.
Active investors are attracted by the secure
income profiles with long leases let to
manufacturers or dealer network groups,
together with the prevalence of guaranteed
The market for prime assets with the right rental uplifts in many leases. Location is a
fundamentals is forecast to sustain the strong key fundamental for the sector – dealerships
investor demand, from both experienced
AESOP BUSINESS PARK / AESOP ROAD / AYLESBURY / BUCKINGHAMSHIRE / HP22 5XX
such as JLR Aylesbury, provide centralised
institutions and private equity, together with and consolidated key services situated in very
new investors diversifying from other sectors, prominent and accessible locations. This is a
which we have seen in recent deals. trend we anticipate to see going forwards.
Tenant Covenant Information
Bolling Investments Limited have Lookers, the second largest dealership group
JAGUAR LAND ROVER LOOKERS
a D&B rating of 5A2 and are a 100% by turnover, has the largest geographical
wholly owned subsidiary of Lookers spread of dealerships and choice of brands
plc, holding the majority of the than any other automotive company in the UK,
comprising of three core divisions; Automotive,
company’s property assets.
Agricultural and Leasing.
Lookers plc, established in 1908, is one of the
The latest financial results for Bolling
leading motor retail and aftersales service
Investments Limited are set out below:
groups in the UK and Republic of Ireland,
representing 31 manufacturer brands in over
160 dealerships.
YEAR END 31/12/2018 31/12/2017 31/12/2016
Turnover (£000’s) 7,774 7,575 5,640
Profit / (Loss) Before Tax (£000’s) 13,434 7,089 6,463
Tangible Net Worth (£000’s) 57,019 45,782 40,183
8 VAT
The property is elected for VAT.
EPC
The property has an Energy
Purchase Price
We are instructed to seek offers in excess of
£12,220,000 (Twelve Million, Two Hundred and
Twenty Thousand Pounds), subject to contract and
exclusive of VAT. A purchase at this level would reflect
Further Information
Should you require any further
information on the property or wish to
arrange an inspection, please do not
hesitate to contact:
Performance Certificate rating a Net Initial Yield of 5.75%, assuming purchaser’s
of A25. A copy of the EPC is Martin Carey
costs of 6.71%.
available upon request. 020 7255 8085
AESOP BUSINESS PARK / AESOP ROAD / AYLESBURY / BUCKINGHAMSHIRE / HP22 5XX
martin.carey@rapleys.com
CAPITAL Jonny Doulton
020 7255 8099
ALLOWANCES jonny.doulton@rapleys.com
The vendor will retain all Rebecca Harper
Capital Allowances. 020 7255 8040
rebecca.harper@rapleys.com
Data Room
JAGUAR LAND ROVER LOOKERS
Access to the Data Room will
be provided upon request.
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