Conygar Investment Company PLC (LON:CIC), the property investment and development group, announced the purchase of Units 5-9 Selly Oak Industrial Estate, Elliott Road, Birmingham for £3.47 million, including costs.
The units consist of 50,000 square feet and are fully let to University Hospitals Birmingham NHS Foundation Trust and Revolution Gymnastics Limited, generating income of £215,500 per annum. The property is located in a predominantly residential area and has strong short to medium term redevelopment prospects.
Robert Ware, Chief Executive of Conygar commented:
“We are delighted to have secured this industrial property via an off market transaction in an affluent area of Birmingham. We intend to use our asset management skills to maximise the value of the site in the near future.”