Worcestershire commercial property consultancy and Chartered Surveyors GJS Dillon has sold the freeholds of two adjoining Bromsgrove industrial units.
Acting on behalf of a private pension fund, Charlie Green, commercial negotiator at GJS Dillon, sold the freehold interest in Units A & B and Unit C Priory House, Saxon Business Park, Bromsgrove, B60 4AD.
Units A & B Priory House was acquired by a local investor and was marketed with a quoting initial yield of 7.50%. Units A & B comprised a 5,366 sq ft industrial premises with first floor offices, let on a new 10 year lease to HME Technology, a leading supplier and installer of design, technology and science equipment for schools.
The freehold of Unit C Priory House, a vacant 2,208 sq ft industrial warehouse unit with first floor offices, was acquired by Agriline Products Holdings Ltd, a Bromsgrove-based supplier of vintage and classic tractor spare parts, for a quoting price of £250,000.
Mrs Green says: “As these deals demonstrate, freehold commercial accommodation in Bromsgrove, and throughout Worcestershire, is highly sought after both by companies looking to acquire their own premises, as well as by investors whose appetite to acquire good quality commercial assets is based on the security provided by underlying owner occupier demand.
“Prices continue to be under upwards pressure as a result of the lack of small and medium sized industrial and business units throughout the county. Working with Worcestershire LEP, Worcestershire County Council, landowners, developers and fellow property professionals to tackle this issue is one of our main priorities.
“Vacancy rates for small industrial and office units in Bromsgrove remain low at around 2%, yet the town continues to be highly sought after as a business base, for its excellent communications, flexible workforce and lifestyle.”