Washford Trade Park, Washford Lane, Redditch, B98 0GZ
Acting on behalf of Threadneedle, Franck-Steier Price has recently concluded the sale of a prime retail and trade park investment in Redditch.
The property comprises a modern purpose built trade park with an element of retail in a prominent position on Washford Lane in Redditch.
The property comprises 10 units totalling 41,100 sq.ft and is let to tenants including Carpetright, Greggs, Dreams, Jewson, Bathstore.com and Formula One Autocentres
The property is let to 10 tenants and produces a total rental income of £467,914 per annum.
The sale price of £6,562,500 which reflected a yield of 6.69% and commenting on the deal, Andrew Franck-Steier says “We are delighted with the sale price achieved which we consider to be ahead of where the rest of the market were prepared to pay. The property is fully rented and there are limited prospects for rental growth going forwards”
The purchaser was Sami Properties who were represented by Knight Frank and Franck-Steier Price represented the vendor Threadneedle.