A Birmingham industrial estate investment which went on the market in February with a guide price of £1.7 million has been snapped up by a London-based investor for £2.2 million.
Commercial property agents Siddall Jones were instructed to market the multi-let BizSpace Business Park in Bordesley Green Road and the investment immediately received strong interest both from Midlands-based investors and those in the South East.
Ed Siddall-Jones, managing director of Siddall Jones, said: “There is strong demand for assets in this sector and the competition for this investment opportunity proves the appetite continues to grow.”
The freehold property situated three miles from Birmingham city centre totals 68,720 sq ft on a site of 3.27 acres. The development has 67 units and currently produces £301,018 in rental with a net income of £183,795 per annum.
Ed added: ““This was an investment with significant asset management potential, having low base rents with the potential to increase rents further. It has always maintained a high occupancy level, demonstrating the strength of the property – hence the demand.”
Similar demand is expected for Devonshire House, a 2.57 acres freehold industrial site on Ettingshall Road close to Wolverhampton city centre.
It currently has 25,748 sq ft of warehouse, office and outbuildings space, and could be suitable for redevelopment, subject to planning permission.