St Johns Way Shopping Centre, Knowle, B93 0LE
sold
Sale of a shopping centre investment, St Johns Way Shopping Centre in Knowle on behalf of Wesleyan Assurance.
The 1960’s shopping centre is located in the heart of Knowle, an affluent commuter suburb 3 miles from Solihull.
The scheme comprises 24 ground floor retail units with residential apartments above.
The shopping centre is let to 23 tenants, a mix of predominantly regional and local covenants although 29% of the income is secured to Tesco. The WAULT is 5.3 years to expiries & 3.0 years to breaks. Most of the residential flats have been sold off on long leaseholds with just over 60 years unexpired on each lease. The overall income is £486,650 per annum, rents are around the £30 ZA mark.
After strong competition for the asset the investment eventually sold for £6,350,000 which reflected a net initial yield of 7.19%.
The property was purchased by a private property company investor.
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