TR Fastenings Ltd, Waterside Park, Golds Hill Way, Great Bridge, Wednesbury, DY4 0WP
The property is located on an established industrial park adjacent to the A41 Black Country New Road. The property comprises a detached 2001 built industrial unit of 30,724 sq.ft with a low site cover of 19%. The property is let on a new 10 year lease from 24 June 2015 to TR Fastenings Ltd, guaranteed by the strong covenant of Trifast Plc. The tenant has been in occupation since 2001. Rent £180,000 per annum. Offers sought in excess of £2,430,000 which reflects a net initial yield of 7.00%, assuming costs of purchase of 5.80%.
Franck-Steier Price and Allsop have recently completed the sale of a modern industrial unit on behalf of New Wood Securities.
The property is located on Waterside Park adjacent to the A41 Black Country New Road.
The property comprises a 2001 built detached industrial unit extending to 30,724 sq.ft with a low site coverage of 19%.
The property is let in its entirety to TR Fastenings Ltd, guaranteed by Trifast Plc, on a new 10 year lease from June 2015. The tenant has been in occupation since 2001. The lease is held on full repairing and insuring terms subject to an upward only rent review on expiry of the 5th year. The current rent is £180,000 per annum.
The purchase price of £2,617,500 represented a net initial yield of 6.50% assuming costs of purchase of 5.80%.
The purchaser was Burt Burton Holdings represented by Peter Hale & Co.