Commercial Property News

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Thursday, May 04, 2023

Radial acquires 17.62m Birmingham distribution property

Warner Estate Holdings plc has announced, on behalf of the Radial Distribution Fund, its joint venture with Bank of Scotland, the 17.62m purchase of Alpha 1 on Hams Hall National Distribution Park, Birmingham. This reflects a net initial yield of 6.125%.

Situated on Birmingham's premier distribution location, the self-contained 218,872sq ft property incorporates a purpose built, steel portal framed warehouse (14 metre eaves) with ancillary offices. The property is let on a new 15-year lease, providing an income of 1,149,078 per annum. Discussions are taking place to enhance the specification and extend the office capacity.

Hams Hall National Distribution Park covers an area of approximately 430 acres. The park is situated close to the national motorway network and has its own international rail freight terminal. It lies approximately twelve miles (18 km) north east of Birmingham City Centre and one mile (1.6 km) from junction 9 of the M42 motorway. Birmingham International Airport is just eight miles to the south.

Michael Stevens, Property Director at Warner Estate: "This acquisition is an excellent addition to Radial's portfolio of ten properties across the country. Hams Hall's key Golden Triangle location and strong tenancy make it an ideal investment, in line with our strategy to buy modern purpose-built stock at major transport intersections. The tenant's proposed fit out provides additional active asset management potential for the Fund."