Salmon Harvester Properties (Salmon) has sold its £21m retail and leisure development at Mere Green, Birmingham to an established property investor. Investment agents, HSM acted on the sale.
Construction of the 20-unit, 58,000 sq ft town centre scheme commenced in August 2016, with building works being completed in December 2017. A successful letting campaign was driven by Rowley Hughes Thompson and DMR, who remain retained by the purchaser as letting agents.
Occupancy is at 85% and tenants include retailers M&S Simply Food, Boots Chemist, Specsavers, Card Factory and Boots Opticians. Restaurant and café operators include Gusto, Greene King, Prezzo, Loungers, Café Nero and Le Bistro Pierre.
Salmon Development Director Rorie Henderson said: “We are pleased with the success of this multi-unit, mixed-use development. The speed with which we completed the acquisition, planning implementation, building, letting and sale of this holding are all testament to the strong location with its extraordinary set of local demographics, an excellent product and a motivated development team. This site had remained dormant since 2010 and Salmon’s winning formula for the revitalisation of Mere Green town centre has been well received by the local community.”
“The tone of rents achieved across the scheme is £25 per sq ft – £28 per sq ft with lease terms ranging from 10 years to 25 years, which resulted in a competitive and successful investment sale.”