Retail unit snapped up in Acocks Green for £2.2m
A 22,043 sq ft retail unit in Acocks Green, Birmingham has been sold for £2.2m by commercial property agency Bond Wolfe.
The unit is currently let to a Wilko superstore on a 10-year lease expiring in April 2027, on a passing rent of £175,000 per annum. The purchase by a private investor represents a net initial yield of 7.48%.
James Mattin, managing director agency at Bond Wolfe said: “This is the latest example of the strong retail investment results we have been achieving throughout 2022 and follows on from a number of other sales in the immediate area.
“Demand for prominent secondary retail locations remains robust and we continue to attract interest across all price points, despite the uncertain economic climate.”
The property, which has ancillary accommodation and service access to the rear, is close to
Acocks Green shopping centre.
The purchaser was represented in the purchase by Mark Hoffman, investment director of the Prideview Group, with legal advice from Christopher Mathew Solicitors of Middlesex, while Clark Brookes Turner Cary solicitors acted for the undisclosed seller.
Mr Hoffman said: “We were delighted to secure another fantastic investment for one of our private investors.
“Despite the deal being agreed pre-summer, the agreed purchase price was honoured and we are looking for similar investments for our active investor database.”
