Property overview

West Midlands Travel Ltd Sale & Leasebacks, West Bromwich & Yardley Wood

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Dec 2018

Atlas Real Estate has recently completed the acquisition of two Birmingham bus depots on behalf of LXI REIT.

The properties are located in West Bromwich and Yardley Wood and comprises two bus depots and vehicle maintenance units extending to 202,995 sq.ft on sites totalling 7.06 acres.

The properties were both let for a term of 25 years from completion with annual reviews to RPI, collared at 2% and capped and 4%.  The tenant on each lease was West Midlands Travel Ltd, guaranteed by National Express Group Plc.  The total income is £708,000 per annum.

The properties were acquired for £11,664,000 which reflected a net initial yield of 5.64%.  Vail Williams represented West Midlands Travel Ltd.