Units 1-18 Manorside Industrial Estate, Redditch, B98 9HE
Acting on behalf of Shell Pension Trust, Franck-Steier Price Ltd (FSP) has recently concluded the sale of a multi let, starter unit estate in Redditch.
The 1980’s estate totalled 14,398 sqft in 18 units arranged in three terraces. Unit sizes ranged from 546 sqft to 1,117 sqft.
The estate was fully let at the time of marketing producing a net rent after the deduction of service charge and building insurance contributions of £94,021 per annum. On completion of the sale the income had reduced to about £75,850 per annum due to four units coming vacant.
A private property company paid £924,000, reflecting a net initial yield of 7.75% off the eventual net rent. Harris Lamb acted for the purchaser.