DHL, Stirling Park, 10 Stirling Road, Solihull, B90 4NE
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Atlas Real Estate has recently completed the acquisition of a prime distribution unit in Solihull on behalf of CBRE Investment Management.
The property is located in an established industrial location immediately to the west of Solihull town centre, 10 miles south of Birmingham city centre and two miles from junction 4 of the M42
The property comprises a 2009 built prime distribution warehouse extending to 143,726 sq. ft on a site of 6.9 acres. The property let to DHL Supply Chain Ltd for a further 5.5 years with an open market review on 17 December 2023, providing an excellent opportunity to capture significant reversion in the short term.
The current rent is £908,652 which reflects a very low rent of £6.50 per sq. ft.
The property was acquired for £20,500,000 which reflects a net initial yield of 4.15% with an estimated reversionary yield of 5.85% at rent review in December 2023 and a capital value of £142 per sq. ft
The vendor was LondonMetric Property Plc.
