Real Estate Investors plc (REI) has announced its second major deal in the West Midlands in less than a week.
Hard on the heels of the purchase of Topaz Business Park, Bromsgrove, for £4 million, REI has paid £3.582 million for the freehold of Molineux House in Wolverhampton.
The 31,935 sq ft property is let to the Department of Communities and Local Government on an annual rental of £324,370 per annum on a recently re-geared ten year full repairing and insuring lease from March 2018.
The four storey building is well located in the city centre and has 44 on-site car parking spaces.
Paul Bassi, chief executive officer of REI, said: “This latest acquisition provides an undoubted income stream with an attractive initial yield. It also comes with the added benefit of potential in the future to reconfigure the site through development to residential and/or alternative uses.
“We continue to seek to acquire further similar well let, defensive and high yielding investments throughout the Midlands to complement our growing portfolio.”
