New owner for units on Wolverhampton retail parade after £2.7m deal
Castle Yard retail parade in Wolverhampton city centre has been bought in a £2.7 million deal.
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MK2 Real Estate, acting on behalf of Hortons’ Estate, has sold the freehold property on Dudley Street, Queen Street and Market Street, to a private investor.
Castle Yard comprises seven retail units, totalling 26,456 sq ft. The units are let to tenants including Nationwide Building Society, German Doner Kebab, Burger & Sauce and Pound Bakery.
Birmingham-based Hortons’ Estate has owned Castle Yard for more than 60 years and the sale is part of an ongoing strategy to rebalance its portfolio towards industrial and distribution.
Mark Johnson, director in MK2’s investment agency team, said: “We’re pleased to have agreed the sale of Castle Yard, achieving close to the revised asking price, despite challenging market conditions.
“The property produces a strong rental income, and with opportunities to add value through future rental uplifts, lease extensions and redevelopment of the upper floors, it offers good long-term investment potential, which the buyer recognised.”
MK2’s property management team has been instructed to manage the building on behalf of the new landlord.
