TAP, the listed UK commercial property investment company, advised by Teesland Asset Management, has bought Trident Retail Park, Watery Lane, Birmingham for £4.575m.
The acquisition reflects a net initial yield of 3.38% and a net reversionary yield of 6.58%.
The 29,600 sq ft park comprises four retail warehouse units.
Two units are let to Brantano and Hein Gericke on leases expiring in 2020 and 2021 respectively, generating an annual rent of £163,500.
The two remaining units are vacant and comprise 17,150 sq ft of accommodation, of which the PFA has occupational interest in 5,110 sq ft.
Darren Fennell of Teesland Asset Management, said: “The acquisition is in line with our investment strategy of maintaining a diversified portfolio and identifying properties with good asset management potential in strong locations, where rental growth and letting opportunities can be maximised.”
TAP is advised by Teesland Asset Management, a wholly owned subsidiary of independent property fund and asset manager Teesland iOG.
References: EGi News 08/01/07
