After being asked to acquire a number of small, well secured investments Fifield Glyn have purchased 3 varying properties for a private investment client since February.
The properties comprise a high street bank let to Nat West in Smethwick, Birmingham, a new office building let to Tees and North East Yorkshire NHS Trust in Hartlepool and a modern warehouse unit let to Edmundson Electrical Ltd at Park Farm Industrial Estate, Redditch.
The properties are let with unexpired terms ranging from 12 to 16 years at a combined rent of £86,500 pa and the investments show a net return of 7.5%, based on a combined purchase price of over £1.1m.
Commenting on the acquisition, Steve Jones said “with interest rates so low at present, there is a huge demand for small, well secured investments of this type and asking prices are now frequently exceeded in competitive bid situations. Two of these properties were purchased in this way, but my client has now added to his portfolio with a good range of quality investments, which is exactly what he wanted”.