Stourbridge retail park sold for £2.25m

The Crystal Centre in Stourbridge

The Crystal Centre retail park in Stourbridge has been bought by CBRE, on behalf of their clients Kindale, a property investment business, for £2.25m

The Crystal Centre is a retail warehouse scheme of nearly 15,000 sq ft made up of five units. The units are fully let to Tesco, Halfords, Pizza Hut, Bathstore and KFC, and generate a current annual income of £213,422.

The sale reflects a net initial  yield of 8.92%.

Oliver Foster, director in CBRE Capital Markets team said: ” Stourbridge is an affluent town in the Black Country, and the Crystal Centre is ideally located on one of the main arterial routes into the town. Its prominent location, strong covenants and asset management opportunities makes this an excellent investment for Kindale.”

Kindale confirmed their pleasure at making the acquisition and and described the Crystal Centre as a “highly prominent scheme, fully let to five strong covenants.”

 

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