Savers, 173-177 High Street, Erdington, Birmingham, B23 6SY
Franck Steier Price and Acuitus have recently completed the sale of a high street retail unit investment on behalf of Wesleyan Assurance.
The single retail unit comprises a ground floor shop with first floor ancillary storage and a rear yard. The ground floor sales area was 2,871 sqft with further ancillary storage accommodation.
The property was held long leasehold on a 125 year lease from December 1983, the current ground rent payable is £6,100 per annum. The rent is reviewable to 10% of rack rent. The current passing is £50,000 per annum (£234.78 ZA).
The investment sold for £420,000 which reflected a net initial yield of 9.97% off the net rent of £43,900 per annum, after purchaser’s costs of 4.80%.
The property was purchased by a private investor.