Royal Mail sorting office acquired in Brierley Hill

The 11,906 sq ft Unit 2 on Waterfront Business Park in Brierley Hill was marketed with an asking price in excess of £1.13 million by Shrewsbury-based Halls Commercial.

The property agency completed the purchase for a private investment firm.

Built in the 1990s, the industrial unit is situated on an established mixed commercial park and was let to Royal Mail on a five-year lease in 2023 at a rent of £75,214 per annum.

Unit 2 has small offices, a public collection area, staff welfare facilities and a large, open space alongside 31 car spaces outside a secure yard.

Halls Commercial said the purchase price gave an initial yield of 6.25 per cent and a reversionary yield of 7.93 per cent.

The estimated market rental value is £95,250 which is a 26 per cent increase on its current value.

James Pulford, Halls Commercial’s head of property management, said: “We were delighted to be trusted by our client to expand his portfolio by investing his capital in Unit 2 on Waterfront Business Park.

“It proves that our strategies to develop strong, enduring relationships to better manage and run commercial property are working.

“Waterfront Business Park, situated on the west side of Dudley Canal basin, was built in the late 1990s and early 2000s and comprises nine, detached industrial and office buildings, each with their own car parking spaces.