Property overview

Howdens Joinery, 4 Parsonage Drive, Longbridge, Birmingham, B45 8AS

sold

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£1,170,000
Jun 2015

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%.