Midlands Poundstretcher store is sold to private investor in £670,000 deal
Property sales at a Birmingham shopping complex have topped the £9 million mark after a Poundstretcher store became the latest to change hands.
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Commercial property agency Bond Wolfe says the £670,000 sale of a property at 1092-1096 Warwick Road means that its recent sales at the Acocks Green Shopping Centre now total £9,032,000.
Acocks Green Shopping Centre is on the north side of the A41, fronting on to the roundabout junction with Westley Road and Shirley Road.
James Mattin, managing director of Bond Wolfe, said that the latest property sold extends to 7,974 sq ft over two floors and is let to Poundstretcher Ltd on a new 10-year lease, for a passing rent of £60,000 per annum.
“We are pleased to have successfully sold another freehold retail investment opportunity in this thriving neighbourhood shopping suburb," he said.
“1092-1096 Warwick Road has been sold to a private investor for £670,000 which represents a very healthy net initial yield of 8.51%.
“We can now reveal that this is the final sale of 16 investment properties in this parade, which have produced aggregate sales of £9,032,000.
“We are delighted to have finally concluded the breakup sales of Acocks Green Shopping Centre, delivering an excellent return for our client while tapping into the strong retail private investor market for these types of individual assets.”
