Northampton House, High Street & Poplar Road, Solihull
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Franck-Steier Price Ltd (FSP) have recently completed the acquisition of a prominent mixed commercial property on High Street, Solihull.
Northampton House is located at the corner of High Street and Poplar Road, Solihull. The property was purchased by BPG, a local Midlands investor. This was the second retail acquisition Franck-Steier Price Ltd (FSP) have bought for the company in the last nine months after acquiring a £4m retail parade in Kings Heath back in June of last year.
The Northampton House property comprises three ground floor retail units let to Halifax, Max Spielman and Dawsons Jewellers. The two upper floors are multi let to offices with two suites currently vacant. The combined income is currently £179,792 per annum. Halifax are paying £100,000 on a lease which expires in 2017.
The property was purchased for £2,050,000 which represents a net initial yield of 8.29%, assuming full costs of purchase of 5.75%.
