Hortons has sold the freehold of a retail parade on Dudley Street in Wolverhampton city centre to London-based investor Tri Capital for an undisclosed price.
The parade comprises eight retail and office units and offers 69,519 sq ft in total. The units are let to tenants including Metro Bank, Starbucks, Lloyds TSB and Cancer Research. The former Sports Direct store remains available to let.
Hortons has owned the property for more than 60 years and earlier this year it sold the adjacent Castle Yard retail parade to a private investor for £2.7m. The sale is part of Hortons’ strategy of dispose of non-core assets and re-deploying capital into projects within its existing portfolio, as well as potential acquisitions.
Mark Johnson, from the investment team at MK2, which represented Hortons on the sale, said: “Following the sale of Castle Yard in May, we’re pleased to have assisted Hortons on the disposal of its second and final retail investment in the city centre. The property produces a consistent rental income, with opportunities to add value through future rental uplifts and the letting of the vacant Sports Direct unit.”
