Erdington Industrial Park, Birmingham, B24 0RD
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Atlas Real Estate has recently advised Vengrove on the acquisition of a freehold multi-let industrial park and prime mid box logistics development opportunity in Birmingham Vengrove
The property is prominently located on A38 dual Carriageway, three miles from Junction 6 of M6 and five miles from Birmingham city centre.
The property comprises a 13 unit multi let industrial estate extending to 217,000sq. ft and a 6.1 acre development site with detailed planning consent approved for two urban logistic units totalling 99,750 sq. ft
The multi let industrial estate is currently fully let with a highly reversionary average rent of only £6.00 per sq. ft. The WAULT across the estate is 3.1 years offering multiple asset management opportunities in the short term.
The development site has detailed planning consent for two semi-detached units extending to 57,750 sq. ft and 42,000 sq. ft. Vengrove will commence construction in Q3 2023 with completion anticipated for Q3 2024
The property was acquired fir £27,200,000 which reflects a net initial yield of 5.05% and a capital value of £104 per sq. ft on the multi let estate and £750,000 per acre on the development site
The vendor, Federated Hermes was represented by TT&G Partners.
