Units B1 & B2, George Henry Road, Great Bridge
Franck-Steier Price LLP has recently completed the freehold sale of two adjoining industrial warehouse units on behalf of an institutional client.
The property is situated in a highly prominent position over looking the junction of George Henry Road and the Black Country New Road (A41) at Navigation Roundabout, Great Bridge. The two adjoining units are of steel portal frame construction with eaves heights of 6.5m and integral offices. The units have a total area of 1,433.95 sq.m (15,435 sq.ft).
The property is let to Cromwell Group (Holdings) Ltd for a term of 25 years from 30 September 1991. The lease is held on full repairing and insuring terms and is subject to five yearly upward only rent reviews. The current rent is £71,460 per annum.
The property sold for £800,000 which represents a net initial yield of 8.45% assuming full costs of purchase of 5.725%. The purchaser was an East Midlands based property company.