Sandvik Headquarters, Manor Way, Halesowen, B62 8QZ
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Stoford Developments, represented by Atlas Real Estate, has completed on the sale of a newly constructed HQ office development in Halesowen.
The property comprises an 18,015 sq. ft. high specification office headquarters for Sandvik Ltd. The location of the property is on Sandvik’s existing site on Manor Way and forms the first phase of the redevelopment of the entire site. The building has been constructed to a BREEAM rating of Very Good and EPC A. The specification includes photovoltaic roof panels, rainwater harvesting, and EV charging.
The property is let to Sandvik Ltd, with a guarantee from Sandvik Holdings Ltd, for a term of 10 years. The lease is subject to 5 year upward only review to RPI collared at 2% and capped at 4% per annum compounded. The commencing rent is £357,578 per annum (£19.85 per sq. ft.).
The property sold for £5,366,000 which reflects a net initial yield 6.25%. JLL represented the purchaser.
