Commercial agency Bond Wolfe is selling a fully let retail parade in a Black Country town centre for offers from £1.295m.
The freehold investment opportunity at Halesowen includes eight retail units and an advertising hoarding that currently produce a total of £114,000 rent a year.
Bond Wolfe says the parade has further asset management potential with previous consent for residential conversion of the first floors, with one property already converted.
A spokesperson says: “The parade has historically always enjoyed very strong occupancy levels in what is a great and prominent location …
“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%.”
The parade is arranged on the ground and one upper floor, hosting eight ground floor shops with extra accommodation space on the first floor accessed from the rear.
The properties, which total 9,773 sq ft of space, has a rear access road, with an advertising hoarding on one side wall.
Each property was the subject of previous planning consent for conversion to residential use on first floor level, and numbers 51-53 have current consent for two dwellings.
The current tenants each pay £14,000 rent a year, with another £2,000 a year coming from the advertising hoarding.
Halesowen is around seven miles west of Birmingham city centre and is served by the A456 dual carriageway and the A458, both providing rapid links to Junction 3 of the M5 Motorway two miles away.
The property is located on the east side of the pedestrianised High Street, where occupiers include Wetherspoons, Halifax and Boots among many local traders.
The property is also 200 metres from the Cornbow Shopping Centre, which houses Poundland, Specsavers, Greggs, Costa, and Holland & Barrett and other traders.
Potential investment purchasers can email [email protected] or call 0121 525 0600.
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