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Rowley Regis
LG Properties Eucharis Ltd has bought an industrial estate at Phoenix
Park, Station Road, Rowley Regis for £970,000.
The property comprises 1,473 sq m (15,857 sq ft) of industrial accommodation
and is let to Powell Office Equipment, Wates Construction and Impact
Metal Services Ltd producing a total rent of £74,400 pa. The purchase
price reflects a net initial yield of 7.25%, which will rise following
the settlement of an outstanding review.
Sampson Moore acted for LG Properties Eucharis Ltd and Harris Lamb acted
for the private vendor.
Cannock
A private trust has bought an industrial unit investment at Orbital
Way, Cannock for £660,000.
The property comprises 844 sq m (9,081 sq ft) of industrial accommodation
plus mezzanine and is let to Reliant Partsworld Ltd until May 2017 at
£49,000 pa. The purchase price reflects a net initial yield of
7.02%.
Sampson Moore acted for the purchaser and Knight Frank acted for the
vendor, Farlane Property Group Ltd.
Halesowen
Gerald Eve have sold Midland House, Coombswood Business Park, Halesowen
for £1,475,000 reflecting a net initial yield of 7.2%. Gerald
Eve acted on behalf of Redrow Homes Ltd in agreeing the sale to a private
investor who was represented by Bracebridge Consultancy.
The self contained 9,544 sq ft office building is leased to Edmund Nuttall
Ltd from November 2007 for a term of 15 years with a rental income of
£112, 302 pa.
Hessle
LG Properties Eucharis Ltd has acquired the freehold interest in the
Nationwide Crash Repair Centre, Hallam Road, Hessle for £1m, reflecting
a net initial yield of 6% rising, via fixed uplifts, to 7.25% in year
five and 8.2% in year 10.
The property comprises an industrial unit with ancillary office accommodation
extending to 1,052.7 sq m (11,322 sq ft) on a site of 0.3 ha (0.75 acres)
or thereabouts.
The entire property is let on a new fri lease to Nationwide Crash Repair
Centres Ltd with a guarantee from Nationwide Accident Repair Services
plc for a term of 15 years at an initial rental of £67,750 pa.
Mark Atkins Associates acted for the purchaser and the vendor was represented
by Burston Cook.
Warwick
LG Properties Eucharis Ltd has acquired the freehold interest in units
1/3 Hawkes Drive, Heathcote Industrial Estate, Warwick for £1.5m,
reflecting a net initial yield of 6.62% rising, via fixed uplifts, to
7.5% in year five and 8.5% in year 10.
The property comprises an industrial unit with ancillary two storey
offices extending to approx 1,834.13 sq m (19,743 sq ft).
The entire property is let on a new fri lease to Nationwide Crash Repair
Centres Ltd with a guarantee from Nationwide Accident Repair Services
plc for a term of 15 years at an initial rental of £105,000 pa.
Mark Atkins Associates acted for the purchaser and the vendor was represented
by Burston Cook.
Worcester
LG Properties Eucharis Ltd has acquired the freehold interest in the
unit 15C, Blackpole Trading Estate East, Worcester for £3.5m,
reflecting a net initial yield of 7.5%.
The property comprises a detached industrial unit with ancillary two
storey offices extending in total to 7,116.3 sq m (76,600 sq ft) on
a site of some 2.3 ha (5.7 acres) or thereabouts.
The entire property is let on a fri lease to FKI Engineering Ltd for
a term of 35 years from 17 December 1981 at a current rent of £275,000
pa subject to upward only rent reviews every fifth year.
Mark Atkins Associates acted for the purchaser and the vendor was represented
by CB Richard Ellis.
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