Property overview

85 & 91-95 Chester Street, Birmingham, B6 4AE

under offer

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£3,960,000
Mar 2021

Located 0.5 miles north of Birmingham city centre and directly to the east of the A38M Aston Expressway. Junction 6 of the M6 is under 1.5 miles to the north.

The property comprises two detached industrial units developed in 2000. The units back onto each other and therefore are both fully self contained sites.

The units extend in total to 3,542.6 sqm (38,132 sqft) on a Gross Internal Area basis.

The property is let to two tenants and offers a WAULT of 7.9 years to expiries and 2.9 years to breaks. The current combined rent is £253,099 per annum which reflects an average of only £6.64 per sqft. Both tenants are fully up to date with their rental payments.

We are instructed to seek offers in excess of £3,960,000 subject to contract and exclusive of VAT.

A purchase at this price would reflect a net initial yield of 6.00%, assuming costs of purchase of 5.98%. The reversionary yield based on our ERV is 6.33%. If both tenants remain beyond their current breaks then the yield is expected to increase to 6.70%.

This reflects a capital value of only £103 per sqft.