Birmingham, UK – The Bridgestone House office building on Tachbrook Park, Warwick, has been sold to Myton Investments for £2.7 million.
The freehold investment sale represented a headline Net Initial Yield of 7.66 per cent and a true Net Initial Yield of 7.19 per cent after taking account of the Landlord’s contribution towards the cost of the planned refurbishment. Vendor Central and Commercial Property Investments Ltd was represented by Knight Frank.
The 13,716 sq ft two-storey building is entirely leased to tyre and rubber company Bridgestone UK Ltd and attracts an annual rental of £220,000.
Jonathan Devaney, partner in the Capital markets team of Knight Frank in Birmingham, said:
“We advised our client in the purchase of the building at auction for £1.07 million in 2013 and they are delighted to have now achieved a sale price of £2.7 million just four years later.”
Bridgestone House sits on a prominent corner position within the 400-acre Tachbrook Park, the premier business park in Warwick and Leamington Spa.
DEAL INFORMATION Address Bridgestone House, Tachbrook Park, Warwick, CV34 6UX Sector Industrial Investment Tenure Freehold Vendor Central and Commercial Property Investments Ltd Purchaser Myton Investments Price £2,700,000 (£197 psf) Net Initial Yield 7.66% Accommodation 13,716 sq ft Tenant Bridgestone UK Ltd Unexpired Term 5 years to break Rent £220,000 per annum (£16.04 psf) Vendor’s agent Knight Frank |
For further information, please contact:
Ken Harrison, HPR Marketing, kharrison@hprmarketing.co.uk Call 07801 649045
Olwen Morris-Jones, Commercial PR Manager at Knight Frank, Call 020 7861 1744