Erdington Industrial Park, Chester Road, Birmingham, B24 0RD
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Atlas Real Estate has successfully advised Vengrove on the sale of a prime multi-let industrial investment in Birmingham.
Erdington Industrial Park is located on A38 dual carriageway, five miles to the north-east of Birmingham city centre, and 1.5 and 2.5 miles to the east of Junctions 5 and 6 of the M6 respectively.
The property comprises a multi-let industrial estate totalling 216,875 sq.ft across 13 units. At the point of sale the estate was fully let to eight tenants producing a total income of £1,841,745 per annum. The WAULT to break was 3.8 years and to expiry 4.9 years.
The property sold for £28,500,000 which reflected a net initial yield of 6.05% and a capital value of £131.41 per sq.ft.
The purchaser, Indurent, was represented by TT&G.
Ben Blackwall, Director, commented ‘Having acquired the park for Vengrove in 2023 it has been great to see the repositioning of this asset through a refurbishment and successful letting programme, which has driven the income return on considerably. This is coupled with the development of the vacant land on site into Avalon Point, a two unit prime urban logistics scheme.’
