West Bromwich retail investment snapped up
A high street retail parade in West Bromwich, formerly occupied by Allied Carpets, has been sold to a private investor.
In 2012, Real Estate Investors (REI) paid £475,000 for the property at 294-310 High Street but has now disposed of the investment for an undisclosed sum.
Advised by Bond Wolfe, REI split the property into five retail units, which are now fully let to Furniture World, Samuel & Co, KSS Leisure, Tam Sklep Express and Karczma u Grzegorza.
The total property of 25,085 sq ft over two floors currently produces £145,000 a year in rent.
James Mattin, managing partner at Bond Wolfe, said: “This a multi-let, prominent retail parade and its sale is indicative of what a lot of regional investors are looking to purchase.
“We are seeing strong demand from buyers for regional income producing assets and this sale is a prime example of that.”
CBTC Solicitors acted for REI and HS Lawyers acted for the purchaser.
Other deals overseen by Bond Wolfe this year include Society House, the former West Bromwich Building Society headquarters at 374 High Street, West Bromwich, Metro Court (the former Yellow Pages Headquarters), and the ex-Kays catalogue building known as K2 in Worcester.