|Property Reference Number||32149551|
Modern, distribution facility in a prime West Midlands industrial location. The property comprises two interconnected warehouses, identified as Chamber 1 and Chamber 2 totalling 189,719 sq ft.
- Rare opportunity to acquire a modern, distribution facility in a prime West Midlands industrial location.
- Situated in the heart of the Birmingham conurbation with immediate access to Junction 1 of the M5 motorway.
- Accommodation totalling 189,719 sq ft (17, 625 sq m) in 2 distinct chambers.
- Eaves heights to the underside of the haunches ranging from 7.5m to 16m.
- Occupied by OT Group (guaranteed by Paragon Group Limited) by virtue of a license agreement, expiring 31 December 2021.
- The current licence fee is £85,000 per month (£1,020,000 pa / £5.38 per sq ft) increasing on the 14 May 2021 to £91,666 per month (£1,100,000 per annum), reflecting £5.80 per sq ft.
We are instructed to seek offers in excess of £14,000,000 (Fourteen Million Pounds) subject to contract and exclusive of VAT. A purchase at this price would reflect an attractive net initial yield of 6.82% rising in May this year to 7.35% after purchaser’s costs of 6.8%.
The price reflects a low capital value of only £73.79 per sq ft.