Green 4 Motor Company Ltd has taken showroom, workshop, and office premises at 540/542 London Road as a new home for their Coventry Mazda & Suzuki dealerships. The Company has not had to travel far. Swapping the north side of London Road for the south, less than 80 m along the highway.
Drake Howard Property is pleased to welcome the dealership to the building on behalf of the owner to replace long standing previous occupiers, Listers Honda.
The transfer has been a complex undertaking covering a multitude of disciplines for the commercial property consultancy.
- Lease termination notice and schedule of dilapidations preparation.
- Dilapidations negotiation with outgoing tenant.
- Repair and refit specification, contract tendering and works management.
- Purchase of land surplus to Highways Agency requirements after major works to Tollbar Island.
- Application for planning consent for change of use on land to car parking associated with Motor Dealership.
- Purchase negotiations with adjoining owner to buy in car parking compound.
- Negotiations for grant of Lease on Dealership and Agreement to Lease on Land.
- Construction and surfacing of car park land.
The timeline covered more than two years, but for a capital input of less than £350,000 by the owner, Drake Howard Property has generated an increase in the rental stream from £117,000 per annum to £163,500 per annum, secured on 25 years full repair and insurance leases.
Drake Howard Property Limited continues to manage the dealership and land within its portfolio of client commercial properties.