Units 19-48 Manorside Industrial Estate, Redditch, B98 9HE
Franck Steier Price has completed one of the first post Brexit sales of a multi let industrial estate on behalf of CBRE Global Investors.
Manorside Industrial Estate is located on the edge of Redditch close to both Junctions 2 & 3 of the M42.
The industrial estate comprised 30 unit, arranged in 8 terraces across 13.14 acres. The units extended to a total of 187,430 sqft with individual units ranging from 1,679 sqft to 31,229 sqft.
The estate was let to 22 tenants. 5 units were vacant (12% of floor area). The WAULT was 4.3 years to expiries & 3.3 years to breaks. There had been five new tenants move onto the estate in the 12 months leading up to the sale. The overall income was £782,091 per annum (average of £4.68 per sqft).
After strong competition for the asset the investment eventually sold for £9,660,000 which reflected a net initial yield of 7.59%, an underlying capital value of £51.54 per sqft.
The property was purchased by Paloma Real Estate and were represented by CBRE.