Maier UK, advised by Savills, has completed the sale and leaseback of a warehouse unit at Burntwood Business Park in Cannock, West Midlands to Citivale/Investcorp. The property was marketed at a guide price of £8.630 million, reflecting a net initial yield of 6.75%.
Set across 5.8 acres (2.3 hectares), the site comprises 109,012 sq ft (10,127 sq m) of industrial accommodation and ancillary office space. The property is let in its entirety to Maier UK, the plastic parts and manufacturer of mouldings for the automotive industry, for 10 years generating an annual rental income of £626,819 per annum.
The unit is situated in a prime West Midlands manufacturing and distribution location, with excellent transport links to the M6 and the wider motorway network.
Charlie Burt, associate in the industrial investment team at Savills, comments: “We were pleased to attract strong competition for the asset, and secure our client an excellent price well ahead of the quoting terms. The property will provide the purchaser with a well located asset with long-term secure income situated within the golden triangle.”
Clay Street advised the purchaser, Citivale/Investcorp