Units 20-35 Crossgate Road Industrial Estate, Crossgate Road, Redditch, B98 7SN
Franck Steier Price has recently completed the sale of multi-let industrial estate in Redditch behalf of CBRE Global Investors.
The property is located in the Park Farm industrial area of Redditch and comprises 16 units arranged in four terraces extending to 100,024 sq.ft. The estate is full let producing a total income of £373,081 per annum with 5.6 years weighted average unexpired lease term.
The purchase price of £3,900,000 reflected a net initial yield of 9.04% after purchaser’s costs of 5.80%.
The purchaser, Magnus Ltd, was represented by Christopher Dee.