Birmingham Road Retail Park, Birmingham Road, Wolverhampton, WV2 3LQ
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Atlas Real Estate has successfully acquired a well secured retail warehouse investment in Wolverhampton. The unit was acquired for the European Food Retail Fund, a German-based fund, managed by Savills Investment Management.
The property is located a short distance from Wolverhampton city centre, occupying a very prominent position on the Birmingham Road.
The property comprises a terrace of three retail warehouse units, primarily let to Aldi. Other tenants on the scheme include Iceland and Poundstretcher.
The property is let off a low average passing rent of £14.29 per sq. ft. with the majority of the income subject to index-linked rent reviews. The asset provides a WAULT of 8.8 years to expiries and 4.2 years to breaks. The property offers numerous asset management opportunities for the Fund in the short and medium term.
The property was acquired for £5,500,000, reflecting a net initial yield of 6.93%.
MK2 represented the Vendor.
