Volvo, Opus Aspect, Chester Road, Birmingham, B24 0QYMake an enquiry
Franck Steier Price has recently completed the acquisition of a prime car showroom investment on behalf of CBRE Global Investors.
The property is located on Opus Aspect, off Chester Road, with other occupiers on the development including Selco and West Midlands Ambulance Service.
The property comprises a new build car showroom of 13,240 sq.ft which is let to Volvo Car UK Ltd for a term of 17 years from July 2013. The lease is held on full repairing and insuring terms at a current rent of £174,235 per annum. The lease is subject to 5 yearly upward only rent reviews to compounded RPI capped at 3% per annum.
The purchase price was £2,530,000 which reflects a net initial yield of 6.50%, assuming purchaser’s costs of 5.80%.
Rapleys acted jointly with Franck-Steier Price on the purchase for CBRE Global Investors. GVA represented Opus Land.