Retail parade hits the market with million-pound price tag
A fully let retail parade in Halesowen town centre in Dudley has been brought to market by commercial property agency Bond Wolfe, with offers invited from £1.295m
The freehold investment comprises eight ground-floor retail units and an advertising hoarding, currently generating a combined annual rental income of £114,000.
James Mattin, managing director at Bond Wolfe said: “We are delighted to have been instructed to sell this fully let and unbroken retail parade in the heart of Halesowen town centre. The parade has historically always enjoyed very strong occupancy levels in what is a great and prominent location opposite St John the Baptist Church, at the entry to the town’s main pedestrianised shopping parade.
“There is a good tenant mix of retailers, and the potential for further conversions of the first floor to residential makes this an excellent value-added opportunity. Offers based on £1,295,000 are sought for the freehold interest, which would equate to a very healthy net initial yield of 8.31%.”
Set across two floors, the 9,773 sq ft property includes eight shops at street level, with additional accommodation above, accessible from the rear.
Each unit currently brings in £14,000 per year in rent, while the advertising hoarding contributes an additional £2,000 annually.
The property has also been subject to past planning consents for residential conversion on the upper floors—one of which, at 51–53 High Street, already has permission for two dwellings.
