Gerald Eve - Birmingham,

Date: 04 Aug 2010

Gerald Eve's Birmingham investment team completes hat trick of deals.

On the back of renewed interest in commercial property and increasing investor confidence Gerald Eve's Birmingham investment team has clocked up a trio of deals.

Acting jointly with Bracebridge Consultancy it advised East Midlands-based Manston Investments on a acquisition of RWE NPower Plc's15,632 sq ft office Acorn House in Worcester for £2.86m reflecting a net initial yield of 7.5%.

Manston has more than 60 properties in its portfolio. The self contained office building it acquired was built in 2000 and is let to RWE NPower at £221,000 per year, for a further 10 years. The vendor a private client of Fletcher King was represented by Fletcher King and Hanline Associates.

Acting on behalf of a private client of the Gerald Eve Birmingham office it sold the Western Boulevard Tesco Express in Leicester for £780,000 reflecting a net initial yield of 5.69%. The Tesco store which is let for a term of 20 years from February 2010 and produces an annual rent of £47,000 was bought by a private investor advised by GVA Grimley in Birmingham.

Acting for another private investor client of Gerald Eve it acquired two waste transfer depots at Moss Road, Kearsley Lancashire and Catheralls Industrial Estate, Pinfold Lane, Buckley, Flintshire for a combined purchase price of £1,283,000 reflecting a net initial yield of 8.00%. The deals were part of a sale and leaseback programme by Personnel Hygiene Services (PHS). Savills acted on behalf of PHS.

Birmingham- based Gerald Eve investment surveyor Paul Hanley said: "Post election we have seen a lot more appetite for property investment from both wealthy investors and institutions across industrial, retail and office sectors as these deals demonstrate."

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