Apollo, Advanced Manufacturing Hub, BirminghamPosted on June 30, 2018
In June 2018 Clay Street advised on the sale of this prime regional industrial investment on behalf of Aviva Investors.
- Situated at The Advanced Manufacturing Hub (AMH) which is a joint initiative between Birmingham City Council and the Homes England aimed at the advanced manufacturing sector.
- The hub consists of highly specified, speculatively developed units let to innovative technology companies.
- Let to the undoubted covenant of Salts Healthcare Ltd on a new 15 year lease with a break in year 10.
- 95,013 sq ft of new build industrial accommodation
- Passing rent of £308,792.25 per annum rising to £617,584.50 per annum in 2020.
- Low average rent of £6.50 psf
The asset was sold to BMO Real Estate Partners (advised by JLL) for £12,300,000 reflecting a net initial yield of 4.70% NIY.