Harworth Group has acquired Thorns Road Industrial Estate in the West Midlands for £10.1m from Xandor Automotive Brierley Hill.
The 20.5-acre site near Dudley comprises three fully-let industrial units totalling 360,000 sq ft, which generate a passing rent of £1.1m per annum. The deal reflects a net initial yield of 10.2% and a reversionary yield of 12.75%.
Harworth has agreed a 15-year lease with Xandor Automotive, taking 240,000 sq ft of factory space, as well as a smaller 15,000 sq ft unit on a short-term lease.
