West Midland industrial estates sold for £2.2m
TWO industrial estates in the West Midlands have been sold for £2.23 million. Expressway Industrial Estate in Birmingham, and units 8-12 on Cleton Business Park in Tipton, were bought by a private pension fund and Kindale Enterprises respectively from CBRE Global Investors.
Expressway Industrial Estate is a multi-let estate and comprises three units totalling around 16,600 sq ft, with a passing rent of £70,550 a year, and was sold for £960,000.
Cleton Business Park is located close to junction one of the M5 and comprises five units with a combined floor space of around 35,150 sq ft, and was sold for £1.27 million.
Alex Eagleton, from Harris Lamb which acted for CBRE Global Investors, said: “As a freehold investment located in a well-established commercial area, the opportunity to purchase Expressway was very well received, particularly due its reversionary rent, eventually going to two rounds of bids with interested parties and exceeding the asking price of £808,275.
“It has been an incredibly busy time with a number of buyers being keen to invest in opportunities to own premises in the Midlands.
“It’s great to see the region being put so firmly on the map.
“Reports of investors backing away from making such decisions further to the referendum decision seem to have so far been unfounded.”