The property is well located on the established Cradley Heath Industrial Estate. The property comprises a 6 bay 39,461 sq.ft detached industrial unit. The property is let to ATB Group UK Ltd on FRI terms for 10 years from June 2018. There is a tenant break option in June 2023, subject to 6 months notice. Passing rent is £130,000 per annum, reflecting a low £3.29 per sq.ft. Tenure long leasehold expiring September 2996 at a fixed rent of £100 per annum. Offers sought in excess of £1,275,000 which reflects a net initial yield of 9.61% and a low capital value of £32.31 per sq.ft.
Franck Steier Price has recently completed the sale of an industrial investment on Waterfall Trading Estate, Cradley Heath on behalf of Ash Holdings.
The subject property is a 6 bay industrial unit with steel truss roof and single storey offices along the front elevation. There are four loading doors to the front elevation and a further to at the rear. The property extends to 39,461 sqft on a 1.48 acre site.
The unit is let to ATB Group UK Ltd on a 10 year term from June 2018. The tenant has a break option in June 2023, subject to 6 months notice. There is a 2018 Schedule of Condition attached to lease. The current rent is £130,000 (£3.29 per sqft).
The property was sold to a private investor for £1,277,500 which reflected an initial yield of 9.6%.