Howdens, Units 8 & 9, WD.BOXHUB, Cakemore Road, Rowley Regis B65 0RY
AP Investment has recently sold a single let industrial trade investment at WD.BOXHUB Rowley Regis for Warmflame Developments. The deal marks the final sale of the 11-unit scheme.
Units 8&9 were let to Howden Joinery Properties Ltd from October 2022 on a 15 year term with an option to break at the expiry of year 10. The two identical units totalled 13,282 sqft and were let at £119,538 per annum – £9.00 per sqft.
The property was sold ahead of the asking price for £2,101,000 which reflected an initial yield of 5.35% and a capital value of £158 per sqft.
Andy Price, who acted for Warmflame in the investment sale, commented “even after the economic turmoil towards the end of last year we still received strong interest in the investment, primarily down to the quality of the units and wider scheme and the length of income secured to a national trade operator”.
Stuart Mair of Warmflame said “we are really pleased to have concluded the final sale on what has been an extremely successful WD.BOXHUB development, where we have provided high quality warehouse and industrial accommodation to support local, regional and national occupiers”.
The purchaser was represented by Berrys.
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