The property is located 4 miles south east of Birmingham city centre in an established industrial area, just off A45 dual carriageway. The property is a modern detached industrial unit extending to 25,016 sq.ft. Let for a term of 10 years from 9 March 2017 to Mata Automotive UK Ltd, with a tenant break option in March 2022. Rent £100,000 per annum (£4.00 per sq.ft). ERV £125,100 per annum (£5.00 per sq,ft). Offers sought for the long leasehold interest in excess of £1,215,000 which reflects a net initial yield of 7.75% with a reversionary yield of 9.70%. Low capital value of £48.56 per sq.ft.
Franck Steier Price has recently completed the sale of a single let industrial investment on behalf of Paloma Capital.
The property is located in the Tyseley area of the city area 4 miles from Birmingham city centre. The property lies between the A45 and A41.
The detached unit which was refurbished in 2012 has an eaves height of 5m and sits on a site of 0.98 acres. The property comprises a single bay warehouse and totals 25,016 sqft.
The property is held long leasehold on a 125 year term from May 1993. There is a £200 ground rent. And this is reviewable every 25 years where the rent will double.
The unit is let to Mata Automotive UK Ltd on a 10 year lease from 9 March 2017. The tenant has an option to break at Year 5. The passing rent is £100,000 (£4 per sqft).
The property was sold to a private investor for £1,301,000 which reflected an initial yield of 7.25%. Andrew Dixon & Co acted for the purchaser.