Value & Income Trust plc, a discretionary fund management client of OLIM Property Limited, has acquired a government-let multi-purpose driving test centre in Quedgeley, Gloucester from Brabon Properties at a net initial yield of 5.0%.
This freehold property on a 1.53 acre site is let to The Secretary of State for Housing, Communities and Local Government c/o The Driver and Vehicle Standards Agency on a lease expiring in 2046 with a tenant’s option to break in 2031. The rent is subject to five yearly uncapped RPI linked uplifts, next due in 2021.
The transaction completed nine working days after heads of terms were agreed and solicitors instructed.
Alder King and Converse Law acted for the vendor, with Rapleys and Shepherd & Wedderburn representing the purchaser.