Stonehill Partners are very pleased to have acted for TH Real Estate on the sale of The Metal Centre, Wednesbury, a prime, distribution warehouse investment occupied by Aalco Metals Ltd.
Having been involved in the acquisition of this investment in 2010 it is particularly pleasing to have helped complete our clients’ business plan for the asset with a sale some way ahead of our quoting price.
Article from Co-Star on 8th December 2017
“Merseyside Pension Fund has bought a prime distribution warehouse investment in Wednesbury, West Midlands from TH Real Estate for £21m, reflecting a net initial yield of 5.13%.
The 220,897 sq ft (20,552 sq m) unit (plus mezzanine space) is let to Aalco Metals Limited on a full repairing and insuring lease until 15th May 2024 at a passing rent of £1,150,000, equating to £5.19 per sq ft, assuming hypothetical area at rent review.
The majority of the site is held freehold but there is an area to the north west corner, used for parking and storage, which is held on a long lease for a period of 999 years from June 1996 at a peppercorn rent.
Stonehill Partners acted on behalf of the vendor, while Knight Frank represented the purchaser”