Halesowen retail investment changes hands for £1.625million

A retail warehouse investment in Halesowen has been bought for £1.625 million.

The 21,128 sq ft store situated on Long Lane, which is let to Towsure Products Ltd until May 2022, has been purchased by a private overseas investor. It represents a net initial yield of 8.6 per cent.

David Allen, of Holt Commercial – which has offices in Birmingham and Coventry, and Martin Bloomer, of Bulleys, acted in the deal on behalf of a local property company.

David said: “We are very pleased to secure this sale. There was very strong interest from a number of private investors and it shows that there is still plenty of life in the market.

“It represents a very good result all round and shows that there are lots of investors still looking to make the most of the strength of the market in this region.”