Investor snaps up portfolio of Birmingham retail sites
A Coventry-based investment company has paid more than £2.25m for a portfolio of Birmingham retail sites.
The retail units are occupied by a range of high street names.
The two properties in Smethwick and three in Acocks Green, were purchased by ASR Properties.
They include 579 Bearwood Road, Smethwick, which was sold for £450,000 and is let to Costa Coffee for 15 years from 2017 at a current rent of £42,500 a year.
Lloyds Pharmacy occupies 581 Bearwood Road, Smethwick, on a current rental of £42,750 a year until March 2024, and the property sold for £564,000.
In Acocks Green, 1074 Warwick Road sold for £420,000 and is let to Card Factory on a ten year lease to June 2025, at a current rental of £32,500 a year.
1086 Warwick Road is let to Specsavers on a ten year lease until March 2025 on a current rental of £31,000 per annum and was sold for £400,000.
1088 Warwick Road sold for £420,000 and is also occupied by Costa Coffee on a ten year lease expiring in August 2025.
James Mattin, managing director agency at Bond Wolfe, said: “While the sales were all agreed individually, this is a very astute assembling of a valuable portfolio, and reflects the strong interest that still remains in solid retail investments occupied by blue chip High Street names.”
Law firm Rotherham & Co in Coventry acted for ASR Properties.
