The long leasehold on seven units at an industrial estate in Coventry has been sold for £835,000.
A Midlands property company has disposed of units 3 to 9 on the Alpha Industrial Estate in Deedmore Road through commercial property agents Shortland Penn + Moore (SP+M) who were joint agents with Franck-Steier Price.
A private buyer, represented by Bromwich Hardy, has purchased the units – the majority of which are let – that range from around 2,000 to 3,500 sq ft.
The units currently generate an income of £101,724 (£82,923 net, after ground rent) and the deal represents a net initial yield of 9.4 per cent.
David Allen, director of SP+M, said: “The market for this type of industrial investment was robust in 2015 and this deal – along with several other deals we are currently working on – suggests that it will continue into 2016.”