Bromsgrove Retail Park, Birmingham Road, B61 0DDMake an enquiry
Franck-Steier Price has recently completed the acquisition of this modern retail park investment located in Bromsgrove town Centre. The park was recently refurbished by the vendors IM Properties and comprises a total of 53,892 sq.ft on a site of 4.32 acres.
The retail park lies within easy walking distance of Bromsgrove town centre and benefits from an excellent parking provision of 1:202 sq.ft.
The property is let to Home Bargains, Food Warehouse, Lidl, Pure Gym and Greggs with a WAULT to lease expiry of 15.7 years and WAULT to break of 10.9 years.
The purchase price was £13,000,000 which reflects a net initial yield of 6.21% off the current income with guarantee index linked growth on the majority of the units.
Andrew Franck-Steier who acted for the purchaser, Colliers Global Investors comments that we were delighted to acquire this high quality, well let investment for a long standing client of the business.
The vendor, IM Properties was represented by X Prop.