Investor buys WH Smith building

A Bromsgrove retail premises occupied by WH Smith has been snapped up by a private investor.

Bond Wolfe Commercial has just sold the retail premises at 54-56 High Street.

The sale, on behalf of Real Estate Investors (REI), for £450,000 produced a net yield of 8%. The property is let to WH Smith on a renewed five year lease at a passing rent of £37,500 a year.

James Mattin, chief executive of Bond Wolfe Commercial, said: “This sale demonstrates the high demand we have experienced for investment opportunities continuing throughout the pandemic.

“Even in these uncertain times for retail, a covenant like WH Smith remains popular with private investors. We are experiencing high demand for investment stock at all price levels.

“While some investors are shying away from retail, there is still an abundance of buyers for this type and quality of asset.”

Solicitors Clark Brookes Turner Cary acted for REI and the purchaser was advised by QualitySolicitors Davisons.