Canmoor swoops for Birmingham asset
The industrial-led developer and asset manager has paid £10.4m for the manufacturing base of car components maker Sertec.
Agent MK2 Real Estate disposed of the 111,727 sq ft unit at Redfern Park Way, Tyseley, on behalf of the Canal & River Trust.
Canmoor’s latest addition sits within 5.19 acres of prime industrial land. Sertec has invested “significantly” over the past 15 years in plant and upgrading the unit.
The firm is active across the UK, currently advancing am 800,000 sq ft-plus scheme in St Helens in the North West
Mark Rooke, director in the investment team at MK2, said: “Only a handful of units of this size have come to the market in the last six months. It’s a real sweet spot for investors and as a result we saw a lot of interest in this asset.”
The sale reflects a net initial yield of 5.6%.
