Chester Road Trade Park, Chester Road, Erdington, Birmingham, B24 0QY
Pembury Real Estate, represented by Atlas Real Estate, has recently completed on the sale of a prime, new build, trade park in Birmingham.
The property is prominently situated at the junction of A38 dual carriageway and A452 with over 42,000 vehicle movements per day.
The property comprises a three unit trade park scheme extending to 18,391 sq.ft. The scheme was developed by Pembury Real Estate and completed in February 2021.
The property is fully let to Paul Rigby Group, SportsBikeShop and London Stone Paving with a WAULT of 11.92 years to expiry. The total income is £214,621 per annum which is an average rent of £11.67 per sq.ft.
The property sold for £4,385,000 which reflects a net initial yield of 4.59%. Colliers International represented the purchaser.
James Wright, Director at Pembury Real Estate commented “disposing of our newly developed estate enables us to crystalise the value creation for this development and redeploy the proceeds into our growing development pipeline; to fund new site acquisitions and our 2022 speculative development programme.”
Ben Blackwall, Director at Atlas Real Estate ‘We were delighted to secure the sale of this prime trade park for Pembury Real Estate. The sale was hotly contested highlighting the strength of the location and the quality of the development.’