The BMW Mini dealership, operated by Specialist Cars in Hertfordshire, has new owners.

BMW Mini Tring has been sold freehold by Lightstone Properties to CBRE Global Investors for £7.62 million.

Let to Specialist Cars and Malthurst, Lightstone undertook a lease re-gearing exercise, enabling the property to be refurbished and extended, and thereby adding significant capital value prior to the sale, said Knight Frank which managed the deal.

The re-gearing saw the remaining five/six year lease agreement replaced with a 20-year one.

The price reflects a net initial yield of 4.85%. 

Adam Chapman, head of automotive at Knight Frank, said:  “This is a significant transaction and is testament to the continuing demand for motor retail assets from both institutional and private investors.

“We expect investor appetite for alternative sector assets to endure, especially those linked to strong brands, trading in core market territories; quite simply the property is business-critical.  2015 is now likely to see record levels of transactional activity in the motor retail investment market.”