A Coventry-based investment company has paid more than £2.25 million for a portfolio of Birmingham retail sites which were offered separately by commercial agents Bond Wolfe.
The retail units are occupied by a range of High Street names, proving very attractive in the current very strong commercial investment property market.
The two properties in Smethwick and three in Acocks Green, were purchased by ASR Properties for a total of £2,254,000.
They include 579 Bearwood Road, Smethwick, which was sold for £450,000 and is let to Costa Coffee for 15 years from 2017 at a current rent of £42,500 per annum. Lloyds Pharmacy occupies 581 Bearwood Road, Smethwick, on a current rental of £42,750 per annum till March 2024, and the property sold for £564,000.
In Acocks Green, 1074 Warwick Road sold for £420,000 and is let to Card Factory on a ten year lease to June 2025, at a current rental of £32,500 per annum.
1086 Warwick Road is let to Specsavers on a ten year lease until March 2025 on a current rental of £31,000 per annum and was sold for £400,000. 1088 Warwick Road sold for £420,000 and is also occupied by Costa Coffee on a ten year lease expiring in August 2025 on a current rental of £32,650 per annum.
James Mattin, managing director agency at Bond Wolfe, said: “While the sales were all agreed individually, this is a very astute assembling of a valuable portfolio, and reflects the strong interest that still remains in solid retail investments occupied by blue chip High Street names.”
Law firm Rotherham & Co in Coventry acted for ASR Properties.