Franck-Steier Price has recently acted on behalf of Evenacre in the acquisition of an off market, multi-let industrial estate in Wolverhampton.
The property comprises a fully let, 4 unit scheme constructed in the early 1980’s totalling 66,120 sq.ft on a freehold site.
The property is let to tenants including Howdens Joinery, Wates Construction, Pendragon Cars and Earnest Machines. The passing rent is £224,500 per annum which reflects a very low £3.39 per sq.ft providing significant reversionary potential. The current WAULT across the tenancy was 3.50 years.
The purchase price paid was £2,755,000.
This represents a net initial yield of 7.66% after usual costs of purchase.
Commenting on the transaction, James Hemstock said “ We are delighted to have acted for Evenacre in sourcing this off market acquisition for them. Multi-let industrial has been a particularly competitive sector over the previous 18 months, so to be able to secure a fully let and reversionary estate like Millbuck for the client at excellent value provides them with a real opportunity to add value.”
The vendor was Halstead Holder Ltd who were represented by Savills Birmingham whilst Franck-Steier price represented the purchaser.