Unit 11, Aston Court, Bromsgrove Technology Park, Bromsgrove, B60 3AL
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Atlas Real Estate has recently completed the purchase of the freehold interest in a new build office investment in Bromsgrove, on behalf of a private investor.
The property is located in Aston Court on Bromsgrove Technology Park and comprises a new build high specification office building of 203.56 sq.m (2,191 sq.ft).
The property is let to LGC Ltd for a term of 10 years from 21 January 2010, expiring 31 January 2020. The lease is held on full repairing and insuring terms subject to a review and tenant break option on the expiry of the 5th year. The rent is stepped up to £32,770 per annum in the 5th year. The vendor had agreed to top up the rent to this level from completion of the sale.
The investment was purchased for £382,000 which reflected a net initial yield of 8.19% on the basis of the topped up rent. The developer was West Midlands Contracts Ltd, represented by KWB.
