The property is situated on Pendeford Business Park which is located to the north of Wolverhampton town centre and 1.5 miles from J2 of M54. The property comprises a two storey office building extending to 2,206 sq.ft. Let to HPAS Ltd (t/a Safestyle UK) for a term of 10 years from May 2011. Rent £22,200 per annum (£10.06 per sq.ft). Offers sought in excess of £255,000 which reflects a net initial yield of 8.50% and a capital value of £115 per sq.ft, assuming purchaser’s costs of 2.81%.
Franck Steier Price has recently completed the sale of a single let office investment on behalf of Wulstan Capital.
The property was located in Newton Court, a terraced office development on Pendeford Business Park, located north of Wolverhampton town centre, close to J2 of the M54.
The end terrace unit extended to 2,206 sqft and had 12 car spaces included. The property was let to HPAS Ltd, t/a Safestyle UK Ltd on a 10 year lease from 7 May 2011. The current rent passing was £22,200 (£10.06 per sqft).
The property was sold to a private investor for £287,500 which reflected a yield of 7.49%.