Hughes Electrical, Grove Street, Redditch, B98 8DX
Franck Steier Price has recently completed the sale of a retail warehouse in Redditch town centre behalf of CBRE Global Investors.
The property is prominently located on Redditch Ringway in close proximity to Redditch town centre and the Trafford Retail Park. The property comprises a modern detached retail warehouse extending to 15,348 sq.ft, including two mezzanine levels, with a 50 space car park.
The property is let to Hughes Electrical Ltd, trading as Apollo 2000, for a term of 10 years from November 2009. The lease is held on full repairing and insuring terms with five yearly reviews to open market value. The current rent is £140,000 per annum.
The purchase price of £1,780,000 reflected a net initial yield of 7.43% after purchaser’s costs of 5.80%.
The purchaser was a Suma Developments.