Unit 1, Fairview Industrial Estate, Kingsbury Road, Birmingham B76 9EE
sold
Highly reversionary single let industrial investment – Unit 1, Fairview Industrial Estate, Kingsbury Road, Birmingham, 450m from Junction 9 of M42/M6 Toll.
31,066 sq ft modern industrial unit. The property was comprehensively refurbished in 2006. EPC B-39.
The property is let on an FRI lease to Personnel Hygiene Services Ltd for a 20 year term from 12 July 2007. The tenant has been in occupation 18 years.
PHS has Shareholders’ Funds of £338 million.
The passing rent is £199,250, only £6.41 per sq ft, well below current market value. Based on our ERV there is a 25% uplift due in the rent in 2027.
We are instructed to seek offers in excess of £2,795,000.
This shows an initial yield of 6.70%. The reversionary yield based on ERV is 8.36%.
The capital value is only £90 per sq ft, which is fully underpinned by vacant possession value.
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