Portland St 11,881 SF 100% Leased Industrial Building Birmingham B6 5RX £2,490,000 (£209.58/SF) 5.73% Net Initial Yield
INVESTMENT HIGHLIGHTS
- Located under a mile to the north of Birmingham city centre
- Three trade/industrial units totalling 20,835 sqft
- Combined rent of £151,788 per annum (average of only - £7.29 per sqft)
- Directly to the east of the A38M Aston Expressway
- ERV - £197,890, a 30% increase on passing rent
- Yield on conclusion of March 2025 rent review – 7.00%
EXECUTIVE SUMMARY
Reversionary multi let trade counter investment opportunity. Located under a mile north of Birmingham city centre, directly to the east of the A38M Aston Expressway and under a mile from Junction 6 of M6.
Three trade/industrial units totalling 20,835 sq ft.
The property is let to three tenants including include Screwfix & Johnstone’s Decorating Centre. An AWULT of 5.9 years to expiries and 4.4 years to breaks. The leases are on FRI terms, Unit 2 is subject to a Schedule of Condition.
The current combined rent is £151,788 per annum which reflects an average of only £7.29 per sq ft. There is a rent review due on the Screwfix unit in March 2025.
ERV – £197,890, a 30% increase on the passing rent.
We are instructed to seek offers in excess of £2,490,000 (Two Million Four Hundred & Ninety Thousand Pounds) subject to contract and exclusive of VAT.
A purchase at this price would reflect a net initial yield of 5.73%, assuming costs of purchase of 6.38%. On a successful conclusion of the Screwfix rent review in 2025 we anticipate the yield to increase to 7.00%.
The final reversionary yield, based on our ERV, is 7.47%.
Three trade/industrial units totalling 20,835 sq ft.
The property is let to three tenants including include Screwfix & Johnstone’s Decorating Centre. An AWULT of 5.9 years to expiries and 4.4 years to breaks. The leases are on FRI terms, Unit 2 is subject to a Schedule of Condition.
The current combined rent is £151,788 per annum which reflects an average of only £7.29 per sq ft. There is a rent review due on the Screwfix unit in March 2025.
ERV – £197,890, a 30% increase on the passing rent.
We are instructed to seek offers in excess of £2,490,000 (Two Million Four Hundred & Ninety Thousand Pounds) subject to contract and exclusive of VAT.
A purchase at this price would reflect a net initial yield of 5.73%, assuming costs of purchase of 6.38%. On a successful conclusion of the Screwfix rent review in 2025 we anticipate the yield to increase to 7.00%.
The final reversionary yield, based on our ERV, is 7.47%.
PROPERTY FACTS
| Price | £2,490,000 |
| Price Per SF | £209.58 |
| Sale Type | Investment |
| Net Initial Yield | 5.73% |
| Tenure | Freehold |
| Property Type | Industrial |
| Property Subtype | Warehouse |
| Building Class | B |
| Lot Size | 0.76 AC |
| Rentable Building Area | 11,881 SF |
| Number of Floors | 1 |
| Year Built | 1994 |
| Clear Ceiling Height | 15 ft 9 in |
AMENITIES
- Fenced Plot
- Yard
- Roller Shutters
UTILITIES
- Lighting - Fluorescent
1 of 1
CONTACT
-
Andy Price -
AP Investment
