Hortons’ Estate has sold the Castle Yard retail parade in Wolverhampton city centre to a private investor for £2.7m.
The 26,456 sq ft retail parade comprises seven units let to tenants including Nationwide Building Society, German Doner Kebab, Burger & Sauce and Pound Bakery.
Hortons’ Estate has owned Castle Yard for more than 60 years and the disposal is part of its ongoing strategy to rebalance its portfolio towards industrial and distribution assets.
Mark Johnson, director in MK2’s investment agency team, which acted for Hortons’ Estate on the sale, said: “We’re pleased to have agreed the sale of Castle Yard, achieving close to the revised asking price, despite challenging market conditions.
“The property produces a strong rental income, and with opportunities to add value through future rental uplifts, lease extensions and redevelopment of the upper floors, it offers good long-term investment potential, which the buyer recognised.”
MK2’s property management team has been appointed to manage the building on behalf of the new landlord.
