Savills launches £3.365 million sale of Kidderminster retail parade

15 March 2017

International real estate advisor Savills, on behalf of a private investor, has brought to market a prime retail parade in Kidderminster town centre for a guide price of £3.365 million, reflecting a net initial yield of 8%.

The asset comprises eight retail units totaling 22,722 sq ft (2,111 sq m) and 12,185 sq ft (1,132 sq m) of vacant upper floor office space, which is separately accessed and would be suitable for residential conversion.  Tenants include WH Smith, Superdrug, Carphone Warehouse, Three, Trespass, Greenwoods Menswear and Thomas Cook, with one retail unit currently vacant.  The total passing rent is £286,500 per annum.

Located on Vicar Street, the parade sits within the main pedestrian thoroughfare between Weavers Wharf, The Swan Shopping Centre and Rowland Hill Shopping Centre.  The area has recently undergone major public realm improvements, which has further enhanced the quality of the retail pitch.

Matt Jenns, associate in the investment team at Savills Birmingham, comments:  “This prime retail parade offers strong tenant covenants, as well as the potential to enhance long term income by letting the one vacant unit and converting unused office space above into residential use.”

 
 

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Ashley McKeown

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