Kimberley Business Park, Redbrook Lane, Rugeley, WS15 1RE
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Franck-Steier Price Ltd (FSP) have recently completed the acquisition of a high yielding multi let industrial investment in Rugeley. The property was purchased by Eastburn Estates.
The property comprises an estate of 28 units built in seven terraces. The total accommodation extends to 59,080 sqft with unit sizes ranging from 1,535 to 2,376 sqft.
The property was multi let with several tenants occupying more than one unit. The total income from the estate at purchase was £164,394 per annum with 16% of the floor space vacant.
The property was purchased for £1,475,000 which represents a net initial yield of 10.53%, assuming full costs of purchase of 5.8% and a reversion to over 11.75%. The purchase price reflected a capital value of £25 per sqft.
