Investment News and Deals
Birmingham LG Properties Chelone Ltd has acquired the freehold interest in Unit 10, Plot 6100 at Birmingham Business Park from Business Homes Midlands for £3.4m reflecting a net initial yield of 6.5%. The property comprises a newly constructed office building extending to 1,129 sq m (12,154 sq ft) arranged over two floors together with 64 on-site car parking spaces. The entire property is let on a fri lease to Miller Homes Ltd for a term of 10 years at a current rent of £230,926 pa subject to an upward only review in year five. Mark Atkins Associates acted for the purchaser and the vendor was represented by Waterworths.