The RO Group has acquired the freehold of the Marshall Reading Honda dealership for £6.2 million.
The assets are located in a regional advertising hub including Ford, Kia, Hyundai, Volkswagen and Suzuki, as well as the Reading Link Retail Park strategically adjacent to the A33.
Nick Cashmore, Chief Investment Officer at RO Real Estate, commented: “It is exciting to start the new year by completing this acquisition, which is precisely when we expect to grow the group’s road portfolio in 2024.
“This well-located asset gives us a particularly attractive existing yield and an option for long-term progression given the site’s very low policy. We are actively looking for new progression opportunities for significant roadside sites in the Midlands and the South.
Bill Bexson, Head of the Automotive Team at Savills, added: “The Honda showroom has provided the RO Group with a perfect opportunity to achieve a first-class and well-located facility. At present, there is a serious imbalance between supply and demand in the broader professional market, from which we will gain multiple opportunities to improve assets over time.
The acquisition reflected an initial net recovery of 9. 93%. The structure is leased entirely to Honda Motor Europe for a 25-year period expiring in 2033, with a buyout clause in October 2028.
The dealership, which spans 16,400 square feet, features a giant showroom, workshop and complete aftermarket facilities.
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