Avison Young, has sold the freehold of an industrial property on Bloxwich Lane, Walsall, West Midlands to AEW for £2.935 million, reflecting a net initial yield of 8%.
Bloxwich Lane is a well-established industrial area 2 miles north of Walsall, with good access to the A454 Wolverhampton Road. It lies half a mile from Junction 10 of the M6 motorway, providing direct connections to the rest of the West Midlands and the National Motorway Network.
The property, which comprises 76,853 sq ft (7,140 sq m) spread over three units, is occupied by A.F. Blakemore and Sons, who operate the site as a wholesale warehouse for food, beverages and tobacco. With an unexpired term of 2 years, the property provides a rental income of £250,000 per annum.
Tom Bridgman, Principal, Capital Markets Group, Avison Young, said: “With its location in the heart of the West Midlands, this property has served the tenant well for the past 30 years. The investment offers AEW several asset management strategies, namely re gearing the lease or undertaking a re-letting campaign.
We are delighted with the result for our client after successfully completing on the sale to AEW in excess of our client’s aspirations.”
AEW were advised by Finn & Co.
