109-117 High Street, Kings HeathMake an enquiry
Brum Property Company sees value in the suburbs
Nantes Properties Ltd, the new Isle of man based investment vehicle owned by Peter Southall, has recently completed its first acquisition of a block of 100% prime retail at 109/117 High Street Kings Heath for circa £4,000,000 (Four Million Pounds). The property was aquired from SERPUT managed by Schroder Property Investment Management, who were represented by Jones Lang Lasalle’s London office.
The block comprises 5 modern well configured retail units let to Dorothy Perkins, Superdrug, Bodycare, WH Smith and Boots Opticians. The asset will be managed by Birmingham Properties Group the UK advisors to Nantes Properties Ltd. John Tebbutt of BPG comments, “if you are buying the best pitch and configuration of units in any town, risk of void will be minimised and we are of the view that the boxes are ticked in this respect. We are continuing to invest and develop in the Midlands through our own vehicles or on behalf of external investors and despite the recession, great opportunities still arise”.
Andrew Franck-Steier of Franck-Steier Price Ltd (FSP) who represented Nantes Properties Ltd in the transaction comments “This property is generally considered to be the best and most prime block of retail in Kings Heath and at a yield of circa 8.17%, this represents good value in the current market”. Franck-Steier had in fact aquired the the property for SERPUT in 2004.
This is a very positive note for a major Birmingham suburb that has experienced negative press over recent months. With high profile collapses of businesses such as Woolworths and Adams, Kings Heath is no different from any other high street in seeing an increase in the number of vacant shops coming to the market. Despite this, companies are seeing the opportunities that the current market provides and are on the expansion trail.
Poundland have recently moved into half of the Woolworths store further up the High Street and Orange have recently opened within the subject block. Within the prime pitch of Kings Heath there are very few void units.