Glenstone purchases prominent industrial site in Birmingham
Posted on May 18, 2023
Glenstone announce the purchase of a prominent industrial site located close to the M6, to the north-east of Birmingham City Centre.
Comprising approximately 45,000 sq. ft., the unit is let in its entirety to E & S W Knowles & Company Ltd on a new 20-year FRI lease. Knowles are the UK's leading manufacturer of timber fire safety and security doors.
The property was purchased via a Company sale for approximately £3m reflecting a Net Initial Yield of circa 9%.
Managing Director Ben Green commented “The property has been purchased in line with our current strategy of buying well located assets off a reasonable capital value.”
Glenstone continue to actively pursue corporate transactions.