Units 19-20 Bartleet Road, Washford Industrial Estate, Redditch, B98 0DG
Franck-Steier Price Ltd (FSP) has recently completed the sale of an industrial investment on behalf of CBRE Investors.
The property is located on Washford Industrial Estate, Redditch, and comprises two 1980s build semi-detached industrial units of 2,164.92 sq.m (23,303 sq.ft).
The property is let to Muller England Limited, guaranteed by Muller Holdings Limited, for a term of 15 years from 24 June 1997, expiring 23 June 2012. The tenant has entered into a reversionary lease for a term of 10 years from 24 June 2012.
Both the current and reversionary leases are held on full repairing and insuring terms and there is an upward only rent review on 24 June 2017.
The passing rent is £95,000 per annum.
The investment was sold for £850,000 which reflected a net initial yield of 10.56%. The property was purchased by a private investor represented by Spencer Evans.