COTTERIDGE PROPERTY ACQUIRED FOR £805,000
A substantial mixed-use investment in the Birmingham suburb of Cotteridge has been purchased by private investors for £805,000, reflecting a net initial yield of 8.43%.
The freehold building, at 15-23 Pershore Road South, comprises a highly reversionary retail unit with a couple of two storey blocks above, one let as offices, the other refurbished and converted to five self-contained flats, together with several mobile communication masts and four garages.
St Mary’s Hospice had a 10-year lease on the 3,366 sq ft retail unit that expired in February and is now the subject of a regear by the new owners. They are also planning to redevelop the offices into flats.
HRH Retail represented the purchasers.