Property overview

The Metal Centre, Western Way, Wednesbury

sold

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£10,600,000
Mar 2009

Franck-Steier Price LLP has recently concluded the sale of this modern distribution warehouse investment on behalf of clients of PRUPIM to a private investor.

 

The property which totals 221,000 sq.ft is let to Aalco Metals for a term of 20 years from 16th May 1996 at a passing rent of £1,057,500 per annum.The sale price was £10,600,000 (Ten Million Six Hundred Thousand Pounds) representing a net initial yield of 9.43%.

Commenting on the transaction, Andrew Franck-Steier of FSP said “We are delighted to have been able to conclude the sale of this property in a market where income of under 10 years certain is proving very difficult to find purchasers for, primarily due to the difficult lending market and flight to prime assets let on long leases”.

Franck-Steier Price represented the vendor PRUPIM.