Retail portfolio hosting top brands sold

A sale price of more than £2.4m has been achieved for a major investment portfolio of six retail units in two popular West Midlands locations.

All six units in the purchase by ASR Properties are rented to top high street brands for a combined annual rent of £243,000 a year, reflecting a net yield of 9.38%.

Four of them are based in Smethwick, including 7,145 sq ft rented to Poundland at 567-569 Bearwood Road for £100,000 a year, and 10,699 sq ft rented to Levines Furniture at 583 Bearwood Road for £60,000 a year.

The other Smethwick properties were let to Scrivens opticians at 575 Bearwood Road for £19,500 a year, and 1,503 sq ft rented to Card Factory at 577 Bearwood Road for £28,500 a year.

The final two properties are in Acocks Green shopping centre on the main Warwick Road and let to Boots Opticians and Holland and Barrett.

James Mattin, managing director agency at Bond Wolfe, said that the sale follows the recent £4.7m sale of a parade in Kings Heath, and the £2.2m sale of another property at Acocks Green shopping centre that hosts Wilko.

Mattin said: “We are pleased to announce yet another portfolio sale during a tough economic climate.

“This sale, along with other resent transactions demonstrates that there is still good demand for well let investments in strong secondary retail locations.”

ASR Properties received legal advice from Band Hatton Button of Coventry on its purchase, while Clark Brookes Turner Cary solicitors of West Bromwich acted for the undisclosed seller.