Units on Tipton Estate sold for £1.27m

Units 8 to 12 on the Cleton Business Park, Tipton and Expressway Industrial Estate in Birmingham, were sold for a combined total of £2,230,500.

Alex Eagleton, of Harris Lamb's commercial agency team, said that both of the industrial estates had attracted a great deal of interest from potential buyers.

Kindale Enterprises has acquired Cleton Business Park on Cleton Street, which is located close to junction one of the M5 and is made up of five separate units which have a combined floor space of around 35,150 sq ft.

Let to established tenants including Eos Works Ltd Kuehne + Nagel Ltd, the site also provided asset management opportunities, providing an excellent investment opportunity that new owner Kindale is keen to maximise.

Harris Lamb secured a sale price of £1,270,500 for the estate, equating to a 8.95 per cent yield.

A private pension fund bought multi-let Expressway Industrial Estate in Bracebridge Street comprised of three units totalling approximately 16,600 sq ft, with a passing rent of £70,550 a year.

Mr Eagleton said: "As a freehold investment located in a well established commercial area, the opportunity to purchase Expressway was very well received, particularly due its reversionary rent, eventually going to two rounds of bids with interested parties and exceeding the asking price of £808,275.

"The final purchase price of £960,000 represents a 6.95 per cent net initial yield."

Mr Eagleton said that recent weeks had seen a surge in investment transactions. Earlier this week, the business announced the investment sale of the Norley Trading Estate in Garrets Green, Birmingham, and the acquisition of Eleven Arches House, Rugby.

"It has been an incredibly busy time with a number of buyers being keen to invest in opportunities to own premises in the Midlands. It's great to see the region being put so firmly on the map.

"Reports of investors backing away from making such decisions further to the Referendum decision seem to have so far been unfounded," he added.