A Staffordshire warehouse unit has changed hands in a £2.7 million off-market deal completed by commercial property consultancy Burley Browne.
The 31,686 sq ft unit at Europa Way Industrial Estate in Lichfield has been acquired by a private investor from a private investment fund, Burley Browne senior associate director Ben Nicholson announced.
The acquisition marked the latest stage of a busy period for Burley Browne’s industrial team which has completed several key deals over the past 12 months.
“We are excited to announce that, against competing interest, we have been able to acquire a good quality warehouse investment on behalf of our client at one of Staffordshire’s leading industrial estates,” said Ben.
“It has been a tremendous few months here at Burley Browne. This is just the latest in a series of deals we have completed since the turn of the year and follows on from a really busy 2023, which included the sale and leaseback of a 40,000 sq ft unit in Swadlincote, an investment sale of a 28,000 sq ft unit in Tamworth together with the sale of a 32,000 warehouse in Aldridge.
“Burley Browne was also retained as the agent on behalf of the new owners of the Aldridge premises and successfully completed the re-letting in October last year. 2024 has picked up where 2023 left off and there is so much more in the pipeline.”
Located immediately adjacent to the A38 dual carriageway, the Europa Way property has excellent road links and forms part of an established industrial estate which has nearby occupiers including Howden Joinery, Screwfix and Halfords.
The modern, detached warehouse building is currently let to Riva EL Limited for a term of five years from July 2020. The purchase price reflects a net initial yield of around 6% based on the passing rent after deducting purchaser’s costs and a capital value of £85 per sq ft.