HARRIS LAMB SEALS £1.5M INVESTMENT DEAL ON GARRETTS GREEN INDUSTRIAL UNITS
Harris Lamb has sold three industrial buildings in Birmingham to C2 Capital for in the region of £1.5 million.
Units 1-6 on the Norley Trading Estate in Valepitts Road, Garretts Green, are occupied by Eos Works Ltd.
Thomas Morley of the Commercial Agency team, said: “This was an excellent freehold investment opportunity in an established commercial area.
“The premises are currently occupied by employment support and training specialists Eos Works Ltd, providing a passing rent of £128,000 per annum. The lease will expire in March 2021, whereupon, if the tenant does not renew their lease, the new owners will have the option of sub-dividing the units to create a multi-let estate, should they wish,” he said.
The asking price of £1.5m represented an eight per cent net initial yield.
The site occupies a strategic location around three miles from both the M42 and the M6 motorways, and comprises of three modern, detached industrial warehouse buildings.
The units, which were built in 1987, total approximately 33,046 sq ft, made up of ground- and first-floor office space, single-storey warehousing, a modern two-story HQ building with further warehouse space.
Thomas added: “C2 Capital has been particularly active in the investment sector recently, and the business recognized the potential for this established site. The yield represented for the purchase price, and the possibilities for further development and revenue made it a particularly attractive opportunity.”