Birkenhead House of Fraser changes hands

THE House of Fraser department store in Birkenhead has been sold for £5m.

A company called Carstone has completed the transaction, which represents an initial yield of 11%, with an unnamed overseas investor.

The 70,300 sq ft building in Grange Road is fully occupied by House of Fraser.

James Nichols of Manchester-based Paul Nichols & Co handled the sale. He said: “The North West is one of the most sought after regions in the country to invest in.

“This was an excellent opportunity for an investor to acquire a high yielding retail asset, underpinned by a strong covenant in a popular shopping destination, and will prove to be a valuable long term investment/development opportunity.”

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