Industrial site sold for £1.5m

A West Bromwich warehouse has been bought for more than £1.5m by an unnamed buyer after a competitive bidding process pushed the deal value above its asking price.

The industrial development on the Junction 1 Industrial Estate, next to the M5 motorway, was sold by Harris Lamb on behalf of investors Kindale.

Alex Eagleton, of Harris Lamb’s investment team, said: “This sale is the latest in a series of industrial investments we’ve overseen as investors seek opportunities within the sector.”

The 22,500 sq ft warehouse is let to Concept Flooring Supplies, part of stock market-listed Headlam Group. It is halfway through a 10-year lease with a passing rent of £118,250 per year.

The property received a number of offers and after a deadline for best and final offers was set, the successful buyer secured the site for above asking price.

Eagleton added: “The high level of interest in this property is further evidence of the continuing spike in demand for industrial investment opportunities across the Midlands.

“Investors are keen to enhance their portfolios with sites occupied by secure, low-risk tenants.”