Demand still strong for the right kind of retail – REI

Maypole centre on Alcester Road South

Retail on key feeder roads in southern Birmingham suburbs is holding up well, judging by three recent deals completed by Real Estate Investors plc (REI), the Birmingham-based, AIM-listed property business.

Jack Sears, asset manager at REI, said: “Alcester Road South from Maypole up through Kings Heath is bearing up well and we are delighted to have completed three lettings on this commuter route.

“REI’s commitment to the convenience, neighbourhood and essential retail sectors has served it well throughout the pandemic, and there has been high occupier and investor demand for these resilient assets.”

At 28 Alcester Road South, Moroccan Givings, a specialist Moroccan furniture shop which used to operate solely online, has taken a ten year lease from March 2021 for 1,465 sq ft. Richard Horwell from Bond Wolfe advised on the letting.

ALLM Ltd, at 1 All Saints Road on the corner with Alcester Road South, has taken additional space within the property, expanding its occupation to an additional 1,242 sq ft of first floor accommodation from April 2021.

And Parkan Group Ltd has renewed its lease for a further five years at 30 Alcester Road South in their existing accommodation of 1,536 sq ft.

Paul Warder of Bond Wolfe advised on both deals and Baldev Kang of law firm Clark Brookes Turner Cary acted for REI.

At the Maypole centre on Alcester Road South, Ladbrokes has committed to a five year reversionary lease from July 2022, solidifying their position within the scheme. Ian Clark advised in-house for REI who received legal advice from Donna Barnes at SHMA.