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April 2017

Plumbob House, Valepits Road, Birmingham, B33 0TD

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sold

The property is located in Garrets Green, Birmingham, in an established industrial area close to Birmingham Airport, the NEC and both Jaguar Land Rover plants in Castle Bromwich and Solihull.  The property is held freehold and comprises a steel portal frame industrial warehouse with 6.65m eaves, 6 Dock loading doors and 2 level loading doors, integral two storey offices and a detached secure service yard.  The property extends to 59,479 sq.ft on a site of 2.8 acres.  The property is let to Thomas Plant (Birmingham) Ltd until March 2020 with rolling tenant only breaks anytime on or after 31 December 2017, subject to 6 months notice.  The passing rent is £235,000 per annum (£3.95 per sqft).  Offers sought in excess of £3,000,000 which reflects a net initial yield of 7.4%, assuming purchaser’s costs of 6.37%.

Franck Steier Price has recently completed the sale of a single let industrial investment on behalf of M7.

The property was located in an established industrial area close to Birmingham Airport.

The property was a 1970/80s detached industrial unit with ancillary offices extending in total to 59,479 sqft. The unit had an eaves height of 6.65m. The tenant had installed approximately 20,000 sqft of additional mezzanine. The site extended to 2.8 acres.

The property was let to Thomas Plant (Birmingham) Ltd until 31 March 2020. The tenant had a rolling break option at any time after 31 December 2017, on 6 months notice. The rent was £235,000 – £3.95 per sqft.

The property was sold, jointly with Darby Key, to a private investor for £2,425,000 which reflected a yield of 9.1% and a capital value of £40.77 per sqft.

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