BNP Paribas sells Solihull shop in £2m deal

BNP Paribas Real Estate, acting on behalf of GMC Pension Fund, has sold 83 High Street in Solihull to a private purchaser.

The 3,431 sq ft freehold retail unit has been sold for £2.05m reflecting a net initial yield of 5.88%.  The unit is let to high street retailer Bodycare with ten years remaining on the lease.

Situated in Solihull’s prime retail pitch, the property is adjacent to fashion retailers Monsoon and Gerry Webber and opposite Specsavers.

David Allen, director of Birmingham investment agency at BNP Paribas Real Estate, said: “The overwhelming interest in this unit originated from private purchasers and following a competitive bidding process the yield was reduced from the asking figure of 6.5% to 5.88%.  

“The increased level of demand for properties such as this, we believe, is a result of the lack of income return that cash or other investments are able to yield at present and therefore cash buyers in particular are searching for alternative investment vehicles.”

Rowley Hughes Thompson acted on behalf of the purchaser.