A warehouse at Nexus Point in Witton, Birmingham has been sold for £4.58 million to Standard Life – three years after being acquired for £3.15 million.
The 46,805 sq ft, Units G, H1 & H2 Nexus Point, were acquired off-market for Threadneedle in 2014 by the Capital Markets team of Knight Frank in Birmingham.
Now, Knight Frank has sold the freehold interest in the warehouse for £4.58m to Standard Life in a deal representing a Net Initial Yield of 5.75 percent.
The property is let on a 15 year lease to Complete Business Solutions.
Jonathan Devaney, partner in the Capital Markets team at Knight Frank in Birmingham, said: “Knight Frank acquired the buildings in 2014, and within six months of becoming vacant our industrial & logistics team together with joint agent GVA secured Complete Business Solutions as a new tenant on a long lease.
“We are delighted to have now secured the sale on behalf of Threadneedle, following strong interest from a range of investors.”