46 & 47/48 Dudley Street, Wolverhampton, WV1 3ER
Franck Steier Price and Fawcett Mead have recently completed the sale of a prime retail block in the centre of Wolverhampton.
The units adjoined BHS on pedestrianised Dudley Street and were occupied by Maplin and Card Factory (sub let from New Look). Maplins was let on a 10 year lease from December 2009 at £100,000 per annum. The New Look unit was let on a 20 year lease from September 1997 with a current passing rent of £182,250.
The investment sold for £2,300,000 which reflected a net initial yield of 11.6% after purchaser’s costs of 5.80%.
The property was purchased by AEW who were represented by LSH.