Olton Wharf, Richmond Road, OltonMake an enquiry
Franck-Steier Price acquired an office and warehouse investment close to Olton railway station.
The property was bought for Company Development (Finance) Ltd and comprised over 11,000 sqft of office accommodation and 5,650 sqft of warehouse.
The property is let to Nationwide Autocentres on a 20 year lease, expiring in November 2011 but with a flexible six monthly notice option until the end of the term. The property is their national administrative HQ.
The property was purchased for £950,000 which reflected a net initial yield of 7.71% and a reversionary yield of 13.6%, based on a substantial reversion in the office rent.
Harris Lamb represented the private vendor.