Property overview

Riverside, Exchange Street, Kidderminster, DY10 1BY

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£2,4200,000
Jun 2019

Acting on behalf of a Council client, Franck-Steier Price have acquired a multi let leisure scheme in the centre of Kidderminster.

The new development overlooks the River Stour and is across from Weavers Wharf Retail Park.  The scheme comprises four leisure units with outside seating area totalling 11,453 sqft.

The scheme was fully let with a WAULT of 17.9 years to expiries and 11.9 years to breaks. The tenants are Loungers, Le Bistrot Pierre, Veeno and Coffee #1. The total income is £197,000 at an average rent of £17.20 per sqft.

The investment was acquired for £2,4200,000, reflecting an initial yield of 7.65%. Cushman & Wakefield acted for the vendor.