Industrial site sold to London investor
An industrial site in Redditch has been snapped up by a London investor.
Property agency John Truslove has sold 19 and 20 Bartleet Road at Washford Industrial Estate for £1.7m in an off-market deal.
The units total 23,303 sq ft on a 0.94 acre site and John Truslove negotiated a lease re-gear for ten years with the sitting tenant, a national engineering group, before arranging the sale on a 6.5% yield.
The single-let investment has been sold by John Truslove client Select Property Management SP to a private London investor who was represented by Harris Lamb.
Ben Truslove, joint managing director of John Truslove, said: “Having agreed a new ten year lease with the sitting tenant, we were pleased to arrange an off-market sale for the asking price using our in-house database of interested investors.
“The property is located on Bartleet Road, which forms part of Washford Industrial Estate, one of the major commercial districts in Redditch, approximately three miles south east of the town centre, and it has excellent communication links, with the M42 accessible via the A435 leading to Junction 3, some five miles to the north.
“We were pleased to complete this deal in just six weeks.”
David Raymont of mfg Solicitors acted for the seller and Michael Bonehill of Edwards Duthie Shamash represented the purchaser.
