85 & 91-95 Chester Street, Birmingham, B6 4AE
Franck-Steier Price has completed the sale of two modern industrial units on the edge of Birmingham city centre on behalf of Cooper Estates. The property was marketed jointly with Ereira Mendoza and received strong levels of interest.
The property comprised two 2000 built detached & self contained warehouses extending in total to 38,132 sqft. The units were let to Birmingham Specialities and SIG Trading and had a WAULT of 2.9 years to breaks and 7.9 years to expiries.
The combined passing rent totalled £253,099 per annum, reflecting a low average rent of £6.64 per sqft.
The property was sold for £5,150,000 which reflects a net initial yield of 4.61%. The property was purchased by an institutional client of Stonehill Partners.