Property overview

Norely Trading Estate, Valepits Road, Garretts Green, B33 0TD

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Jul 2016

Acting on behalf of a private client, Franck-Steier Price Ltd (FSP) has acquired this single let industrial investment.

The property comprises three detached buildings dating from 1987 on a 1.5 acre site close to Birmingham Airport. The majority of the accommodation is arranged in various industrial units with ancillary offices.  The property overall extends to 32,600 sq.ft.

The entire property is let to EOS Works Ltd on a lease from 10 August 2014 and expiring on 31 March 2021. The passing rent is £128,000 per annum (£3.92 per sq.ft).

The investment was purchased for £1,465,000, reflecting a net initial yield of 8.24% and a capital value of under £45 per sq.ft. Harris Lamb acted for the vendor.