HARRIS LAMB SELLS REDDITCH INDUSTRIAL ESTATE FOR £1M
A Redditch industrial estate has been sold for in excess of £1million as investors seek high-yield industrial investments across the UK.
Investment specialist Harris Lamb was instructed to sell Manorside Industrial Estate, a 13,285 sq ft starter unit opportunity in an established commercial area of the town on behalf of a private overseas investor.
The successful buyer purchased the site for in excess of the quoting price of £995,000, representing a 7.75 per cent yield.
The estate, which is fully let, benefits from a net income of more than £80,000 per year.
Alex Eagleton, of the Investment team, said: “This sale is the latest in a series of industrial investments we’ve overseen as investors seek opportunities within the sector outside London.
“We are particularly pleased to be involved in this site as it has allowed Harris lamb to showcase a full spectrum of services; with our management, rating, agency and investment teams all having involvement on the estate.
“We were responsible for the initial purchase of the estate on the client’s behalf in 2013 for £924,000, and have sold three units to owner occupiers since then which, added to the sale of the estate, represents a healthy profit in just four years.
“There has been a marked spike in demand for industrial investment opportunities in recent months, and investors are keen to enhance their portfolios with sites occupied by secure, stable tenants,” he said,
Alex said that as a region, Redditch enjoyed high interest levels from investors courtesy of its strong industrial location and excellent transport links.
“The town benefits from good road communications with Junctions 2 and 3 of the M42 located just five miles from the site. The North Moons Moat industrial area is just two miles north east of the town centre and is one of the most established and well situated industrial locations in the area.”
The property forms part of the Manorside Industrial Estate and is in close proximity to several other established industrial areas, including Colemeadow Drive, Thornhill Road Industrial Estate, Madeley Road Industrial Estate and Ravensbank Distribution Park.