A large retail unit let to a busy Wilko superstore on a main road in Birmingham has been sold for £2.2 million by top commercial property agency Bond Wolfe.
The 22,043 sq ft property at 1062-1066 Warwick Road in Acocks Green is currently let to Wilko on a 10-year lease expiring in April 2027, on a passing rent of £175,000 per annum.
The purchase by a private investor represents a net initial yield of 7.48%.
James Mattin, managing director agency at Bond Wolfe, explained that the substantial ground floor unit enjoyed a prominent location in the thriving Acocks Green shopping centre, which lies near the Solihull border.
Mr Mattin said: “This is the latest example of the strong retail investment results we have been achieving throughout 2022 and follows on from a number of other sales in the immediate area.
“Demand for prominent secondary retail locations remains robust and we continue to attract interest across all price points, despite the uncertain economic climate.”
The property, which has ancillary accommodation and service access to the rear, is on the A41 some six miles from Birmingham city centre and four miles from Solihull town centre.
Acocks Green shopping centre is on the north side of Warwick Road, fronting on to the roundabout junction with Westley Road and Shirley Road, with car parking at the rear via Station Road.
This leads to Acocks Green railway station, which has frequent services to Birmingham Snow Hill, nine minutes away, and Solihull, six minutes away.
Meanwhile, Birmingham International Airport, the M42 and M6 motorways are all just five miles away.
The purchaser was represented in the purchase by Mark Hoffman, investment director of the Prideview Group, with legal advice from Christopher Mathew Solicitors of Middlesex, while Clark Brookes Turner Cary solicitors acted for the undisclosed seller.
Mr Hoffman said: “We were delighted to secure another fantastic investment for one of our private investors.
“Despite the deal being agreed pre-summer, the agreed purchase price was honoured and we are looking for similar investments for our active investor database.”