Commercial property agency Bond Wolfe has sold a total of more than £9 million worth of commercial properties at a shopping centre in a Birmingham suburb.
The agency’s £670,000 sale of a property hosting a Poundstretcher store at 1092-1096 Warwick Road means that its recent sales at the Acocks Green Shopping Centre now total £9,032,000.
James Mattin, managing director of Bond Wolfe, explained that the latest property sold extends to 7,974 sq ft over two floors and is let to Poundstretcher Ltd on a new 10-year lease, for a passing rent of £60,000 per annum.
Mr Mattin said: “We are pleased to have successfully sold another freehold retail investment opportunity in this thriving neighbourhood shopping suburb.
“1092-1096 Warwick Road has been sold to a private investor for £670,000 which represents a very healthy net initial yield of 8.51%.
“We can now reveal that this is the final sale of 16 investment properties in this parade, which have produced aggregate sales of £9,032,000.
“We are delighted to have finally concluded the breakup sales of Acocks Green Shopping Centre, delivering an excellent return for our client while tapping into the strong retail private investor market for these types of individual assets.”
Acocks Green Shopping Centre is on the north side of the A41 Warwick Road, fronting on to the roundabout junction with Westley Road and Shirley Road.
Access to the car parking at the rear is via Station Road, which leads to Acocks Green rail station, less than a mile from the property, with frequent services to Birmingham Snow Hill and Solihull.
Lawyers CBTC acted for the private seller, while Davisons Law advised the private buyer.
