Blue Marble Asset Management (Blue Marble) has acquired two West Midlands mixed use investment properties.
Acting on behalf of a private in-house client, Blue Marble Investment Director Edward (Ed) Jones has acquired 11 Bird Street, Lichfield, Staffordshire, WS13 6PW, and Unit 17, Mere Green Road, Sutton Coldfield, B75 5BL, from a London-based property fund through agents Bond Wolfe. The deal represents a net initial yield of 7.25 per cent.
Mr Jones said: “The two properties are the perfect addition to the portfolio we are putting together for this particular in-house client. We will now implement the business plan initiatives to improve the value of the holdings further.
“There is good value to be found in certain retail investments, but particularly at the current time investment in this sector requires specialist knowledge and insight. Understanding both the local retail environment and having the expertise to unlock further value is key.”
Bond Wolfe managing director James Mattin said: “We are delighted to have concluded the sale of these two much sought-after assets. As a company we are now transacting with more and more buyers and sellers outside of the West Midlands, which is testament to our growing reputation.
“Despite the uncertainty created by the recent referendum, we have seen strong activity in the local investment market and indeed a further £4 million worth of investment sales have been placed under offer post-Brexit.”
11 Bird Street, a ground floor retail unit with three apartments above, occupies a prominent position in Lichfield city centre. The central pedestrianised area is situated directly opposite and The Three Spires Shopping Centre is within easy walking distance.
Unit 17, Mere Green Road comprises a modern ground floor double fronted retail unit let to Bathstore, with residential accommodation to the upper parts. The property affords an enviable position opposite the new Mulberry Walk development of 53,857 sq. ft. of retail and leisure space.
Blue Marble Asset Management is a real estate asset management specialist which presently has more than £60 million of property assets under management. It works for a select range of clients including investment businesses, high net worth individuals, trusts and family offices. Its business is based on taking a holistic view of each of its property investments.
Bond Wolfe is an established commercial property practice based in West Bromwich. Its services include commercial property sales and lettings, property investment and development throughout the West Midlands.
