St Modwen sells off Worcester property to London investor

DEVELOPER St Modwen has sold a property on the Great Western Business Park in Worcester for £365,000.

The Birmingham firm sold the 1.3 acre property, which is currently used as a concrete batching plant, to London-based real estate fund manager Wulstan Capital.

It is one of four purchases completed by Wulstan Capital this month, with a further four in solicitors’ hands, totalling £4.7m.
 
The Great Western Business Park property is let to Hanson Quarry Products on a 20-year lease from November 2013. The current rent is £22,500 and the deal reflects a net yield of 5.88% for the purchaser.

Property consultancy Shortland Penn + Moore’s Birmingham office advised the purchaser.

David Allen, a director of the firm, said: “I know there was very strong interest in this property, with more than 20 bids put forward to the selling agent.
 
“We are delighted to have secured this deal for our client, which represents a very strong investment in what is an extremely well-established commercial location, with the likes of Howdens, Topps Tiles and Screwfix in close proximity on the park.
 
“Also, the added security of a tenant on a 20 year lease who has been based there for 20 years already makes it an even better deal.”
 
Franck-Steier Price acted for St Modwen.
 

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