Brooklands Office Park, Moons Moat Drive, Redditch, B98 9DW
unit 4 sold
Franck Steier Price has recently completed the sale of a single self contained business park office investment at Brooklands, Redditch on behalf of Coltham Developments.
The unit formed part of a larger business park development constructed in 2003. Unit 4 is a mid terrace unit and extended to 5,245 sqft and included 23 car spaces.
The property was part let to Jelf Group plc who occupied the ground floor on a lease for 10 years from 1 April 2012 at a passing rent of £24,820 per annum. The tenant has a break option in April 2019. The first floor suite of 2,770 sqft was vacant.
The property was purchased by a part owner occupier for £460,000 which reflected a net initial yield of 5.15% after purchaser’s costs of 4.80%. The price paid showed an underlying capital value of £87.70 per sqft.