Howdens Joinery, 4 Parsonage Drive, Longbridge, Birmingham, B45 8AS
Franck-Steier Price, jointly with Ryden, have recently concluded the sale of a prominent trade counter investment in Longbridge, Birmingham.
The building occupies a prominent location close to the former Longbridge plant and the Cofton Centre. The site immediately backs onto a large new build residential scheme being undertaken by Persimmon.
The building comprises a refurbished two bay trade unit with 34 car spaces. The unit was wholly refurbished in 2012, having formerly been a Focus DIY store. The unit extends overall to 14,553 sqft.
The property is let to Howdens Joinery on a 15 year lease from October 2012. The passing rent of £72,500 per annum reflects £4.98 per sqft.
A private property company paid £1,170,000, reflecting an initial yield of 5.86%.