Unit C1, George Henry Road, Great Bridge
Franck-Steier Price LLP has recently completed the freehold sale of a modern industrial warehouse unit on behalf of an institutional client.
The property is situated in an established industrial location on George Henry Road which links directly onto the Black Country New Road (A41) at Navigation Roundabout, Great Bridge. The property comprises a detached warehouse constructed in the early 1990s. The unit has a total area of 767.37 sq.m (8,260 sq.ft).
The property is let to Tulip Limited for a term of 10 years from 5 April 2007, expiring 4 April 2017. The lease is held on full repairing and insuring terms, subject to 5 yearly upward only reviews. The tenant has an option to break the lease on 5 April 2012, subject to 6 months prior written notice. The current rent is £37,200 per annum (£4.57 per sq.ft).
The property sold for £400,000 which represents a net initial yield of 8.88% assuming full costs of purchase of 4.75%. The purchaser was Tulip Limited.