Unit E, Redfern Parkway, Tyseley, Birmingham, B11 2BF
Franck-Steier Price Ltd (FSP) has recently completed the sale of an industrial investment on behalf of M&G Property Portfolio managed by PRUPIM.
The property is located 3 miles south of Birmingham city centre and is situated between A45 Coventry Road and A41 Warwick Road. The property comprises a modern 1996, built detached warehouse with two office blocks to the front with onsite car parking and separate secure yard of 10,447 sq.m (112,458 sq.ft).
The property is let to Sertec Group Ltd for a term of 15 years with effect from 31 October 2011 at an initial rent of £329,247 per annum and will increase annually over the first 5 years to £475,000 per annum. The vendor topped up the rent to £475,000 per annum.
The investment was purchased for £4,850,000, which reflected a net initial yield of 9.26%. The purchaser was British Waterways represented by BNP Paribas Real Estate.