A car park close to the Jewellery Quarter in Birmingham has been sold for £1.1 million.
A client of OLIM Investment Managers has acquired the freehold site from a private Irish investor.
Situated on Farm Street, Hockley, the 120-space car park is let to Signet Trading Ltd, the largest retail jeweller in the UK and USA, for £80,859 per annum for a further 18 years.
The site serves as the main car park for Signet’s UK administrative office, which is adjacent to the car park.
The deal represents a net initial yield of 6.95 per cent.
Chris Bampton, a director in the investment team at Colliers International, advised the vendor on the sale. He said: “This was an unusual investment opportunity as car park investments very rarely come up for sale. As such it sparked a lot of interest from different investors.”