Plumbob House, Valepits Road, Birmingham, B33 0TD
Franck Steier Price has recently completed the sale of a single let industrial investment on behalf of M7.
The property was located in an established industrial area close to Birmingham Airport.
The property was a 1970/80s detached industrial unit with ancillary offices extending in total to 59,479 sqft. The unit had an eaves height of 6.65m. The tenant had installed approximately 20,000 sqft of additional mezzanine. The site extended to 2.8 acres.
The property was let to Thomas Plant (Birmingham) Ltd until 31 March 2020. The tenant had a rolling break option at any time after 31 December 2017, on 6 months notice. The rent was £235,000 – £3.95 per sqft.
The property was sold, jointly with Darby Key, to a private investor for £2,425,000 which reflected a yield of 9.1% and a capital value of £40.77 per sqft.