Worcestershire commercial property consultancy and Chartered Surveyors GJS Dillon has completed back to back deals letting, then selling the freehold of a 14,500 sq ft industrial unit in Redditch.
Acting on behalf of a private client, John Dillon, managing director of GJS Dillon, let Unit 10 Merse Road, North Moons Moat/Ravensbank, Redditch, B98 9HL, a 14,698 sq ft detached modern industrial warehouse, on a new 10 year lease, to Clearwater Group, at an annual rent of £70,000, achieving a premium over the quoting rent.
Mr Dillon then sold the freehold of Unit 10 to a private investor for £825,000, representing a net initial yield of 8.04%.
Clearwater Group provides water treatment and air hygiene products and services from 10 locations across the UK. GJS Dillon previously sold the freehold of Clearwater’s 6,705 sq ft grade A warehouse with ground and first floor offices at Saxon Business Park, Bromsgrove, to Bromsgrove company Watertight Management Limited, enabling both local companies to expand.
Mr Dillon says: “We were able to help Clearwater expand from their premises in Bromsgrove to a much larger industrial unit in Redditch and Watertight Management to find larger premises within Bromsgrove.
“10 Merse Road is a good quality modern industrial warehouse, located on a popular trading estate close to Junction 3 of the M42, which was highly sought after as a result of the shortage of premium industrial property throughout Worcestershire.
“Industrial / warehouse units in Worcestershire continue to be pursued by growing businesses which want to benefit from the county’s location, positive economic performance and outlook, and flexible workforce. Once we had a tenant interested in a new ten year lease, we were able to quickly find an investor and complete back to back deals.”