Towsure Products Ltd, Long Lane, Halesowen
Franck-Steier Price LLP has recently completed the freehold sale of a retail warehouse on Long Lane, Halesowen, on behalf of an institutional client.
The property comprises a detached single storey retail warehouse unit of 1,958.03 sq.m (21,076 sq.ft) benefiting from a bulky goods planning consent.
The property is let to Towsure Products Limited for a further 13 years. The current passing rent is £142,000 per annum (£6.74 per sq.ft) which increases to £150,000 per annum (£7.11 per sq.ft) in May 2012.
The property was sold for £1,450,000 which represents a net initial yield of 9.26% assuming full costs of purchase of 5.725%. The property was purchased by Portway Investments Ltd represented by BNP Paribas Real Estate.