Commercial Property News

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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 m (2,743 ft) to 3,033 m (32,642 ft). 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 m (5.23 per ft) up to 68.24 per m (6.34 per ft).

King Sturge advised SEPUT while Drivers Jonas acted for Lasalle Investment Management.