Kings Heath Retail Park, Alcester Road South, Kings Heath, Birmingham, B14 7PT
Franck-Steier Price has recently concluded the disposal of a modern retail investment on the edge of Kings Heath’s town centre.
The property which was built in 2001 was let to three national retailers, Pounstretcher, Dreams and Carphone Warehouse. All three tenants have 15 year leases from 2001.
The property comprised 16,226 sqft of retail accommodation. The individual units ranged from 2,511 sqft up to 8,210 sqft. The 22 car parking spaces also generated income from a pay & display operation. The investment overall was generating approximately £274,000 per annum.
The property was sold on behalf of Threadneedle Property Investments for £3,050,000 which reflected a net initial yield of 8.60%. The property was purchased by A & J Mucklow Plc.