Worcestershire commercial property consultancy GJS Dillon LLP has sold a retail investment property in Bromsgrove, underscoring the improving investment market in the town.
Acting on behalf of a private investor, in a sale to another private investor, GJS Dillon sold 146A New Road, Bromsgrove, B60 2LE for £217,250, reflecting a net initial yield of 9.8%.
146A Bromsgrove Road is a modern purpose built two storey building comprising four identical ground floor retail units, all let, with two self-contained flat premises above. The sale includes the freehold interest of the ground floor retail units and the long leasehold interest in the two flats above, producing a total annual income of £21,300.
“This investment sold in no time, with good interest from a number of parties. It demonstrates that the secondary retail market is warming up fast in Worcestershire towns such as Bromsgrove and therefore it is a good time for landlords to consider selling,” says Hayley Miles, Graduate Surveyor at GJS Dillon.