BIRMINGHAM TRAINING FACILITY BOUGHT ON BEHALF OF DTZ INVESTORS
Harris Lamb has bought a newly-renovated warehouse with office space on a Birmingham industrial estate for £3.25m on behalf of DTZ Investors.
The purpose-built building on Holford Industrial Estate is occupied by manufacturing support and training firm EEF, which recently invested millions into renovating and equipping the site as a training facility.
Harris Lamb’s Investment team said that the very competitive bidding process to secure the building was a clear indicator of the strength of the industrial investment market.
The building, Unit 3, Nexus Point, is a high specification modern warehouse with integral offices set in 2.35 acres. A self-contained yard and 68 parking spaces complete the site, which serves as a training facility for apprentices looking to start a career within the manufacturing and engineering industry.
Alex Eagleton of Harris Lamb’s Investment team, said: “This was a very attractive investment opportunity for our client. Interest in the property was high and we entered a very competitive bidding process in order to secure it. The investment market as a whole in the UK is gaining strength and industrial stock in the West Midlands is particularly desirable.
“Our industrial agency team act for DTZ Investors on their other holdings on the estate, and this particular site was of interest to them due to the tenant’s investment into the building and the rental growth prospects. EEF has significantly altered the premises to adapt the unit to a training facility, adding a number of benefits including quality office space, a number of workshops, air conditioning, fob entry access throughout, bicycle stands, a canteen and a lift.
“Teamed with a multi-million-pound investment into state-of-the-art machines, high tech computer labs, and robotics, this facility now offers the best available training for apprentices to start their manufacturing and engineering career and for employers to train their future workforce and upskill their existing workforce, and demonstrates a huge commitment from the tenant into its future at the site,” he explained.
EEF’s 15-year lease expires on 31st August 2028, with tenant only break options in 2019 and 2023.
Alex added: “Industrial lettings remain robust in this area, and with a current passing rent of just £4.95 per sq ft, this represents a high quality investment opportunity with genuine growth prospects for our client.”