Shortland Penn + Moore’s Birmingham office has helped a buyer purchase a 1.3 acre property in Worcester.
St. Modwen sold the investment on the Great Western Business Park to Wulstan Capital for £365,000. It is one of four purchases completed by Wulstan Capital this month, with a further four in solicitors’ hands, which total £4.7 millon.
The property, which is currently used as a concrete batching plant, is let to Hanson Quarry Products on a 20-year lease from November 2013.
The current rent is £22,500 and the deal reflects a net yield of 5.88 per cent for the purchaser.
David Allen, director of Shortland Penn + Moore, said: “I know there was very strong interest in this property, with more than 20 bids put forward to the selling agent.
“We are delighted to have secured this deal for our client, which represents a very strong investment in what is an extremely well-established commercial location, with the likes of Howdens, Topps Tiles and Screwfix in close proximity on the park.
“Also, the added security of a tenant on a 20 year lease who has been based there for 20 years already makes it an even better deal.”
Franck-Steier Price acted for St Modwen.
