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VW completes leaseback of flagship Audi site

Volkswagen Group has completed the sale and leaseback of its flagship Audi property in Watford to the Lime Property Fund Partnership for nearly £12 million.

VW have taken a 50 year lease back at an initial rent of £631,125 per annum with tenant breaks at years 20, 30, 40 and five yearly upward only reviews linked to RPI capped at 2.5% pa.

VW received £11,944,214 in total for the property.

Andrew Iisley, investment director at Robert Stephens & Co, the advisers to VW, said: “In spite of the recent turmoil in the investment market there is still a healthy demand for well let prime investment stock in the motor retail sector.”

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