The 101,110-sf distribution unit is let to Combined Distribution Holdings on a 15-year lease from May 2003 at a rent of £632,000 ($1.05 million) a year.
Hapri Yorke-Brooks of FPDSavills, which acted for the buyer, commented: 'Investor appetite for well let distribution warehouses in the wider Birmingham area is strong with a number of developments having been pre-funded or sold to owner/occupiers which has further resulted in the lack of supply.
'Quality distribution investment product in Birmingham remains restricted and tight land supply continues to exert upward pressure on land values for well-located, prime distribution sites like Nexus Point.'
Knight Frank acted for the vendor.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
