Development Securities (DevSec) has signed an agreement to let its 110,000 sq ft industrial unit at Vector Point, in Redditch, near Birmingham, to an unnamed manufacturer.
The lease will run for 15 years at £586,593 pa and, as part of the letting agreement, DevSec will undertake refurbishment work to the building, costing around £1.65m.
DevSec bought the property in the first half of 2004 with vacant possession with a view to refurbishing it to provide a modern industrial or warehouse facility.
Matthew Weiner, investment director at DevSec said: “When we acquired the property we consciously took void risk given the comparative shortage of product of this size in the market place and viewed the letting prospects as good.”
He added: “We believe that identifying such properties with acceptable void risk is an important component of our continuing objective to generate superior returns.”
References: EGi News 24/06/05
