A pair of investment properties at Birmingham’s prestigious Park Central development have been sold for a total of £690,000 in a deal sealed by commercial property agency Bond Wolfe.
79 Cregoe Street, which trades as a busy convenience store, and 60 Mason Way, which sits next door and trades as a popular fish and chip shop, have both been bought by the same private investor.
They jointly generate £46,000 per annum in rental income.
James Mattin, managing director of Bond Wolfe, explained that the long leaseholds on the properties had been sold as investment opportunities.
Mr Mattin said: “These properties, which sit adjacent to each other, proved extremely popular with local investors.
“Surrounding by high volume residential development in the Park Central area of Birmingham, investors were attracted to the security of high footfall for both the fish and chip shop and the convenience store.
“Solid, proven local businesses will always attract investors and this proved to be the case here.”
Both properties sit within a five-storey residential apartment building in the 61-acre Park Central development in Birmingham, and are each held on long leaseholds for 150 years from 1 April 2003.
79 Cregoe Street is a 1,933 sq ft purpose-built convenience store in a ground floor corner unit.
It is currently let on a 15-year lease until November 2035, with a passing rent of £28,000 per annum, and stepped increments to £36,000 per annum by 2030.
60 Mason Way is a 645 sq ft fish and chip shop in a ground floor retail unit in the same building.
It is let five-year lease expiring June 2026, at a passing rent of £18,000 per annum.
Park Central is just under a mile south-west of Birmingham city centre.
The large residential area is a mix of private and social housing developed by the city council in partnership with private developers over the past 20 years.
Lawyers at Vicarage Court Solicitors acted for the seller while Mezzle Law acted for the purchaser. Both law firms are based in Birmingham.
