Leading Midland independent property consultancy GJS Dillon has sold a prime retail investment in the centre of a Staffordshire town in a deal worth nearly three quarters of a million pounds.
The three shops in High Street in the market town of Stone have been bought by local investor CIP Estates Ltd of Barlaston, Staffordshire (represented by Louis Taylor).
The biggest shop of the three is occupied by WH Smith. The 3,035 sq ft unit includes a large retail area, offices, storage areas and canteen. The other two shops, both with first floor storage and office accommodation, are occupied by Ladbrokes Betting and The Card Factory. All three shops produce an income of £61,000 per annum.
GJS Dillon sold the three shops for £725,000 on behalf of Express & Star Group Pensions Scheme Ltd. The investment represents a net initial yield of 7.93 per cent.
Philip Jones of GJS Dillon said, “This retail investment opportunity sold quickly and demonstrates that the regional property investment market has recovered well and is now booming. We are now recognised as a niche investment player in the regional commercial investment market and we are always seeking new stock.”
GJS Dillon LLP, with offices in Worcester and Bromsgrove, offers a full range of property consultancy services throughout Worcestershire and surrounding areas, and along the M5 and A38 corridors.