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July 2017

Western Body Hardware, Crossgate Road, Park Farm Industrial Estate, Redditch, B98 7SN

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sold

The property is located on Crossgate Road on the established Park Farm Industrial Estate in Redditch.  The property comprises a 39,725 sq.ft industrial unit on a site of 2 acres.  The property is let to Western Body Hardware Ltd on a 15 year lease from December 2010.  Annual RPI reviews with a collar and cap of 2% and 5%.  Current rent £129,806 per annum (£3.27 per sq.ft).  Expected rental increase in December 2017 to £134,608 per annum, based on forecast RPI.  Underlying capital value of £158,900 per annum (£4.00 per sq.ft).  Offers sought in excess of £1,500,000 which reflects a net initial yield of 8.16%, with an expected increase in December 2017 to 8.46% and a reversionary yield of 9.98%.  The price reflects a low capital value of £37.76 per sq.ft.

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