A retail parade in Wolverhampton city centre has been sold in an off-market deal.
MK2 Real Estate, acting on behalf of Hortons, has sold the freehold property on Dudley Street to London-based investor Tri Capital.
The parade comprises eight retail and office units, totalling 69,519 sq ft. The units are let to tenants including Metro Bank, Starbucks, Lloyds TSB and Cancer Research. The former Sports Direct store remains available to let.
Hortons owned the property for more than 60 years. The sale is part of Hortons’ strategy to dispose of non-core assets and re-deploy capital into projects within its existing portfolio, as well as potential acquisitions. Earlier this year, Hortons sold the adjacent Castle Yard retail parade to a private investor for £2.7million.
Mark Johnson and Max Sowter from MK2’s investment agency team advised Hortons on the sale.
Mr Johnson said: “Following the sale of Castle Yard in May, we’re pleased to have assisted Hortons on the disposal of its second and final retail investment in the city centre.
“The property produces a consistent rental income, with opportunities to add value through future rental uplifts and the letting of the vacant Sports Direct unit.”
The sale price is undisclosed.
