Wolverhampton retail parade sold in off-market deal

A retail parade in Wolverhampton city centre has been sold in an off-market transaction.

The freehold property on Dudley Street was sold by Hortons, represented by MK2 Real Estate, to London-based investor Tri Capital for an undisclosed price.

It includes eight retail and office units totalling 69,519 sq ft, with tenants such as Metro Bank, Starbucks, Lloyds TSB, and Cancer Research, with the former Sports Direct unit remaining available for lease.

Hortons had owned the property for over 60 years.

Earlier this year, Hortons also sold the nearby Castle Yard retail parade for £2.7m.

MK2’s investment agency team, led by Mark Johnson and Max Sowter, advised Hortons on the transaction.

Johnson said: “Following the sale of Castle Yard in May, we’re pleased to have assisted Hortons with the disposal of its second and final retail investment in the city centre. The property produces a consistent rental income, with opportunities to add value through future rental uplifts and the letting of the vacant Sports Direct unit.”