Avenue Terrace, Avenue Road, Aston, Birmingham, B6 4DY
Acting on behalf of a property company client, Franck-Steier Price has recently concluded the sale of a modern industrial/trade estate on the edge of Birmingham city centre.
Avenue Terrace is located in the Birmingham’s industrial heartland with excellent access both into the city centre and motorway network.
This modern trade/industrial estate is a single terrace of eight, two storey trade/business units. Built in 2005 with secure communal parking/yard area to the front. The estate overall extended to 24,000 sqft in eight identical units each having 1,500 sqft on both ground and first floor.
The estate is let to seven tenants with one unit vacant. A 12 month rental guarantee was provided on the vacant unit. The combined income was £185,252 per annum. Rents ranged from £6.67 per sqft to £8.76 per sqft.
The purchaser was a private property company, who paid a price of £1,750,000 reflecting a net initial yield of 10%. Andrew Price, of FSP, commented “the estate has an excellent of history of letting and offers high quality business units to the Birmingham market which are not readily replicated elsewhere around the city.”