Wednesday, December 12, 2023
SEPUT sells Spitfire Park in Birmingham for £8.5m
Schroder Exempt Property Unit Trust (SEPUT) has sold the freehold interest of Spitfire Park, Birmingham to BAE Systems 2000 Pension Plan Trustees Ltd Trust c/o Lasalle Investment Management for £8.5m, reflecting a net initial yield of 6.84%.
The park, constructed in 1998, consists of a modern industrial estate comprising 13 terraced units ranging in size from 255 m² (2,743 ft²) to 3,033 m² (32,642 ft²). The estate is fully let to 10 tenants on 11 leases and currently produces an overall income of £614,975 per annum. The average unexpired term is five years and the rents range from £54.47 per m² (£5.23 per ft²) up to £68.24 per m² (£6.34 per ft²).
King Sturge advised SEPUT while Drivers Jonas acted for Lasalle Investment Management.
The park, constructed in 1998, consists of a modern industrial estate comprising 13 terraced units ranging in size from 255 m² (2,743 ft²) to 3,033 m² (32,642 ft²). The estate is fully let to 10 tenants on 11 leases and currently produces an overall income of £614,975 per annum. The average unexpired term is five years and the rents range from £54.47 per m² (£5.23 per ft²) up to £68.24 per m² (£6.34 per ft²).
King Sturge advised SEPUT while Drivers Jonas acted for Lasalle Investment Management.
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