Property overview

Units 18-21 Padgets Lane, Redditch, Birmingham B98 0RA

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£5,900,000
Sep 2020

Blackstone, represented by Franck-Steier Price, has recently completed the off-market acquisition of a a recently refurbished, multi-let industrial scheme on South Moons Moat industrial estate, Redditch.

The property comprises 3 units arranged around a central yard totalling 77,204 sq ft. Units 18-21 complete Blackstone’s ownership have recently sold Units 1-17 to them in September 2019.

The property is single let to Cassellie Ltd on FRI terms for 10 years expiring December 2028. The passing rent of £400,000 per annum benefitted from a fixed increase in December 2023 to £425,000 per annum.

The property was acquired for £5.90m which reflects a net initial yield of 6.36%.

The vendor, Evenacre, was unrepresented.