Property group snaps up prime retail investment
MIA Property Group has completed the acquisition of a prime Solihull retail investment.
The property is located on the pedestrianised part of the town’s High Street between the two entrances to Touchwood Shopping Centre and let to Loungers and The Works.
Nearby occupiers include Caffe Nero, McDonalds and Starbucks.
The property comprises two ground floor retail units with a separate first floor which was let under the Loungers lease. Overall there is almost 5,000 sqft of retail sales space between the two shops.
The Midlands based investment company bought the well let investment for £3.3m.
Maqbool Ahmed said: “We were attracted not only by the prominent position of the units in one of the strongest and resilient retail towns in the Midlands but also the length of income offered from the tenants”. The Loungers unit was let on a new 15 year lease from January 2018 while The Works has a lease that expires in June 2022.”
MIA Property Group have a large existing Midlands property portfolio including existing holdings in Solihull.
“We already own other retail investments in the town and were keen to buy another good quality long term opportunity” said Ahmed
The investment was acquired for MIA by Franck-Steier Price.
Andrew Price said: “The acquisition reflects an initial yield of 6.83% which when compared with historic yields paid for prime retail investments in Solihull offers good value for the length of income on the lease.”
The property was sold by London agents AHBN for Aviva Investors.
