The property comprises a modern terrace of 5 retail warehouse units totalling 14,987 sq.ft. The scheme is highly prominent and is located at the junction of Platts Road and the busy A491 Audnam High Street, one of the main arterial routes into Stourbridge and benefitting from 23,359 car movements daily. The property is fully let to 5 strong covenants including Tesco, Halfords, Bathstore, Pizza Hut, and KFC with an attractive WAULT of 4.11 years term certain. The total rental income is £213,422 per annum. 79% of the rental income is secured against tenants with a D&B rating of 5A1. Offers sought in excess of £2,430,000 which reflects an attractive net initial yield of 8.25%, after purchaser’s costs of 6.37%.
Franck-Steier Price has recently completed the sale of a terrace of well located retail warehouse units situated on the corner of Platts Road and Audnam Road (A491), Stourbridge on behalf of Custodian REIT.
The property is let to five occupiers including Tesco, Halfords, Bathstore, Pizza Hut and KFC (not in occupation) with a WAULT of 3.8 years and a total rent per annum of £213,422 per annum.
The property was acquired by a Kindale, represented by CBRE for £2,250,000 which reflects a net initial yield of 8.92%.