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Gloucestershire Business News

Gloucester's Driving Test Centre sold to new owners

Gloucester's multi-purpose driving test centre in Quedgeley has been sold by Brabon Properties.

New owners Value & Income Trust plc, a discretionary fund management client of OLIM Property Limited, have acquired the site at a net initial yield of 5.0 per cent.

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.

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