Property overview

Franck Steier Price has recently completed the sale of a modern industrial unit in Tyseley on behalf of CBRE Global Investors.

The property is prominently located on the corner of Stockfield Road and Wharfdale Road in Tyseley, Birmingham.  The unit was constructed in 1999 and extends to 3,890 sq.m (41,876 sq.ft).

The property is let to Grayson Automotive Services Ltd for a further 5 ½ years on full repairing and insuring terms subject to five yearly upwards only reviews to open market value.  The current rent is £223,000 per annum.

The purchase price of £2,350,000 reflected a net initial yield of 8.96% after purchaser’s costs of 5.80%.

The purchaser was Grayson Automotive represented by Salway Bradbury.