Property investment anchored by Tesco hits the market

A freehold Solihull property investment anchored by Tesco has been brought to the market with a price tag of £2.95m.

The corner mixed use development, Northampton House, at 1-3 High Street and 53-55 Poplar Road, comprises a Tesco convenience store on the ground floor with separate multi-let offices situated on the first and second floors.

There is also further basement accommodation with development potential.

James Mattin, managing director agency at Bond Wolfe, said: “There is huge scope for future conversion of the upper floors and the basement, subject to planning. This together with secure income to Tesco on the ground floor makes this an attractive proposition for investors and developers alike.

“Northampton House is situated opposite the Poplar Arcade entrance into Touchwood Shopping Centre on the corner of High Street and Poplar Road.

“It is in a prominent and imposing position in the highly affluent town of Solihull, and we anticipate strong interest in this investment opportunity with huge future potential.”

Tesco has 15 years unexpired on its lease, and the total current annual income of £213,406 equates to a net investment yield of 6.8%.