Sapa Profiles, Alto House, Ravensbank Drive, Redditch, B98 9NA
Franck Steier Price has recently completed the sale of detached industrial unit in Redditch behalf of the Charities Property Fund.
The property is located in the North Moons Moat Industrial area of Redditch and is adjacent to Ravensbank Business Park. The property comprises a detached industrial unit of 59,618 sq.ft which was constructed in the 1980s and extended in 2002. The property is the manufacturing and distribution centre for Sapa Profiles, an aluminium profiling company.
The property is let to Sapa Profiles UK Ltd for a term of 10 years from May 2010 with a tenant break option in May 2018. The current rent is £250,000 per annum.
The purchase price of £3,000,000 reflected a net initial yield of 7.88% after purchaser’s costs of 5.80%.
The purchaser, Custodian REIT Plc, was represented by CBRE.