A Birmingham manufacturing base of car components maker, Sertec Group, has changed hands in a £10.4m deal.
MK2 Real Estate disposed of the 111,727 sq ft unit, at Redfern Park Way, Tyseley, on behalf of vendor, the Canal & River Trust.
Canmoor – a developer and asset manager in the warehouse and business space sectors – has acquired the asset, which is set on 5.19 acres of prime industrial land. Sertec has invested significantly over the past 15 years in the operating plant and upgrading the unit.
Mark Rooke, director in the investment team at MK2, said: “Only a handful of units of this size have come to the market in the last six months. It’s a real sweet spot for investors and as a result we saw a lot of interest in this asset.”
The sale reflects a net initial yield of 5.6%.
