The property is located on Coombswood Business Park, Halesowen, 3 miles from Junction 3 of M5 and 6 miles west of Birmingham city centre. The property comprises a 2007 built unit extending to 7,155 sq.ft. The unit is let to the excellent covenant of Samworth Brothers Ltd (D&B 5A1) for a term of 15 years expiring 24 April 2022 – 3.25 years unexpired. Passing rent of £48,084.78 per annum – reflecting £6.72 per sq.ft. Offers are sought in excess of £715,000 reflecting a net initial yield of 6.38% assuming purchaser’s costs of 5.33%.
Franck-Steier Price has recently completed the sale of a modern industrial investment on behalf of Hawkstone Properties.
The property is located on Coombswood Business Park, Halesowen, which is located approximately 9 miles west of central Birmingham and 4 miles east of Stourbridge. Coombswood was developed by St Modwen in 2007 and is a well located multi-let estate with a number of national tenants including Toolbank and Royal Mail.
The property comprised an end terrace industrial unit extending to 7,155 sq ft and benefits from 6.0m eaves and a roller shutter door to the front of the unit.
The property is let to Samworth Brothers ltd on FRI terms for 15 years from 25 April 2007, providing 3 years unexpired. There was a tenant break option in year 10 that the tenant did not exercise, and they have invested heavily in the unit. The current passing rent is £48,084.78 per annum which reflects £6.72 per sq ft.
The property was sold to Moklowane Ltd for £805,000 which reflected an initial yield of 5.85%. Mark Atkins Associates acted for the purchaser.