The property is located a mile from Junctions 1 & 2 of M5and is part of the established industrial estate of Sandwell Business Park. The property comprises 5 terraced industrial units extending to 17,510 sqft. The property is let to Carwood Motor Units Ltd, guaranteed by Carwood Holdings Ltd, on a lease expiring in March 2022. The property has a combined rent of £74,725 per annum (£4.27 per sqft). Open market review in March 2017. Offers sought in excess of £885,000 which reflects a net initial yield of 8.00%, a reversionary Yield of 9.37% and an underlying capital value of £50.54 per sqft, assuming purchaser’s costs of 5.65%.
Franck Steier Price has recently completed the sale of a single let industrial investment on behalf of Dunedin.
The property is located on the established Sandwell Business Park two miles from Junctions 1 & 2 of the M5.
The property comprises a terrace of five 1980s industrial units which are in single occupation. The units have an eaves height of 6m, the tenant uses each unit from different parts of their operations. Two of the units have rear service yards in addition to the front yards and car parks.
The accommodation extended overall to 17,510 sqft.
The property is let to Carwood Motor Units Ltd until 30 March 2022. The passing rent was £74,725 – £4.27 per sqft. There is an outstanding rent review, the ERV being £5.00 per sqft.
The property was sold to a private property company client of LSH for £1,100,000 which reflected a yield of 6.42%, a reversion to 7.5% on conclusion of the rent review and an underlying capital value of £62.82 per sqft.