40,000sq ft Kidderminster unit placed on the market for £1.55m
A WORCESTERSHIRE industrial unit is being marketed for £1.55m on behalf of an undisclosed client.
The 40,192sq ft unit, on Hoo Farm Industrial Estate, Kidderminster, is currently let to Milden Steels. The firm is four years into a 10-year lease with a passing rent of £150,000 a year.
Property agent Harris Lamb has been instructed to market the unit.
Jacqui Bayliss, director, said: “This is a superb investment opportunity following on from a number of similar investment deals completed over the past 12 months across the West Midlands.
“With a well-documented stock shortage across the region, opportunities like this, to take on an excellent site with a good, established tenant, are appealing to investors.
“Demand for such tenanted sites is at a peak right now, and with this opportunity representing a 9.12% yield for the buyer, we’re confident that a buyer will be found quickly.”
Milden Steels, which supplies and processes strip mill products for the UK and European manufacturing industry, moved into the premises in 2012. The lease is subject to a rent review in 2017 and a break in 2018.
Harris Lamb said the market’s buoyancy was evident from the fact that in the current year alone, the firm had advised on the sales of 3 Kings Court and Virginia House office blocks in Worcester, Lauriston Park in Evesham, an office building in Rugby, three industrial units in Garretts Green, Birmingham, and two further industrial estates in Birmingham and Tipton.
