Nuveen Real Estate, represented by Franck-Steier Price, has recently completed the sale of a short let retail warehouse on the edge of Birmingham city centre.
The property is located on Bordesley Circus roundabout at the junction of A45 and A4540, 2.5 miles to the east of Birmingham city centre.
The property comprises a 24,780 sq.ft retail warehouse on a site of 1.45 acres with 73 external car parking spaces. The property is let to Dunelm (Soft Furnishings) Ltd on a full repairing and insuring lease for a term expiring on 24 March 2019. The current rent is £314,670 per annum.
The property was acquired from by Homes England, represented by Savills, for £3,950,000 which reflects a net initial yield of 7.48%.