Emerald Point, Bell Heath Way, Woodgate Valley, Birmingham, B32 3BZ
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Franck Steier Price has recently completed the acquisition of a modern distribution warehouse in Birmingham on behalf of The Charities Property Fund which is managed by Cordea Savills.
The property is located on Woodgate Valley Business Park which is 6 miles south west of Birmingham City Centre and 3 miles from Junction 3 of the M5 motorway. The property comprises a 2004 built distribution warehouse with a total area of 4,989 sq.m (53,711 sq.ft).
The property is let to the substantial covenant of SIG Trading Ltd for a further 7 years on a full repairing and insuring lease. The current rent is £310,050 per annum.
The purchase price of £3,450,000 reflected a net initial yield of 8.50% after purchaser’s costs of 5.80%.
Ben Blackwall, Director at Atlas Real Estate, comments ‘With supply of quality industrial buildings in the region now down to below six months this acquisition represents a good strategic acquisition for the Fund. The tenant, SIG, is fully committed to the property and is currently undertaking further improvements to the unit to suit their occupational requirements.’
The vendor, Alpha Real Property Investment Advisors, was represented by CBRE.
