The property is located west of Aldridge town centre, close to M6 Toll, M6 and A5. The property is a detached industrial unit in an established industrial area extending to 20,912 sq.ft. Let for a term of 15 years from 13 June 2012 to Mellish Engineering Services Ltd at a rent of £72,693 per annum (£3.48 per sq.ft). Minimum RPI rental increase at review in June 2022. Offers sought in excess of £950,000 which reflect a net initial yield of 7.25% with a projected reversionary yield at review of 8.19% (assuming 2.5% per annum RPI growth). Low capital value of £45.43 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 an established industrial area a mile from Aldridge town centre.
The property comprises two industrial units dating from the 1970’s with ancillary offices to the front. The property was refurbished in 2012 and sits on a 1.08 acre site. Overall the accommodation totals 20,912 sqft.
The unit is let to Mellish Engineering Services Ltd on a 15 year lease from 13 June 2012. The lease has 5 yearly reviews with a minimum increase to RPI. The current passing rent is £72,693 (£3.48 per sqft).
The property was sold to a private investor for £1,050,000 which reflected an initial yield of 6.54%. Andrew Dixon & Co acted for the purchaser.