Wienerberger Limited, Unit 100 Hartlebury Trading Estate, Hartlebury, Kidderminster, DY10 4JB
Franck-Steier Price has recently completed the sale of this long let manufacturing unit on Hartlebury Trading Estate.
The property comprises industrial unit totalling 181,083 sq.ft constructed in the early 1980’s and used as a brick manufacturing plant. The tenant has been in occupation since construction and the surrounding land is used as clay extraction to supply the process within the warehouse.
The property is let to Wienerberger Limited with an unexpired term of 23.25 years at a passing rent of £698,000 per annum. Rent reviews are 5 yearly on an open market basis.
The purchase price was £11,600,000 which reflects a net initial yield of 5.64%.
Andrew Franck-Steier who acted for the vendor M&G comments that we were delighted to achieve such a high price given the relatively poor quality of the underlying real estate. Bidding was highly competitive and through 3 rounds of bids the price achieved was fantastic and considerably ahead of client valuation.
The purchaser, Leopard Capital was represented by Will Gubb at Knight Frank London.