LONDON-Electricity Supply Nominees has bought Unit 4, Nexus Point Phase II, Holford, Witton, Birmingham from Wilson Bowden Developments for £7.98 million ($13.2 million) reflecting a net initial yield of 7.49%.

The 101,110-sf distribution unit is let to Combined Distribution Holdings on a 15-year lease from May 2003 at a rent of £632,000 ($1.05 million) a year.

Hapri Yorke-Brooks of FPDSavills, which acted for the buyer, commented: ‘Investor appetite for well let distribution warehouses in the wider Birmingham area is strong with a number of developments having been pre-funded or sold to owner/occupiers which has further resulted in the lack of supply.

‘Quality distribution investment product in Birmingham remains restricted and tight land supply continues to exert upward pressure on land values for well-located, prime distribution sites like Nexus Point.’

Knight Frank acted for the vendor.

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