Property overview

Franck Steier Price has recently completed the sale of a neighbourhood parade of shops just south of Kings Heath on the ain A435 Alcester Road on behalf of a private property company client.

The parade of shops comprised four units, two with upper floors and extended in total to 2,691 sqft of ground floor accommodation and 1,208 sqft of first floors.

The property was let to four individual tenants with leases expiries between 2016 and 2019. The total rent passing was £34,265 per annum.

The investment was sold for £360,000 to a local property company, the price reflected a net initial yield of 9%, after purchaser’s costs of 5.80%. Andrew Thompson & Co represented the purchaser.