The Crystal Centre in Stourbridge changes hands for £2.25million

The Crystal Centre retail park in Amblecote, Stourbridge, has been bought for £2.25 million.

Property consultants CBRE acquired the multi-let investment from Custodian Capital on behalf of property investment firm Kindale.

The sale price reflects a net initial yield of 8.92 per cent.

The Crystal Centre, on Platts Road, is a retail warehouse scheme comprising five units, totalling 14,987 sq ft. The units are fully let to Tesco, Halfords, Bathstore, Pizza Hut and KFC, generating a total annual rental income of £213,422.

CBRE’s capital markets team in Birmingham advised Kindale on the deal. Custodian was advised by FSP.

Oliver Forster, director in the CBRE Capital Markets team, said: “Stourbridge is an affluent town in the Black Country and The Crystal Centre is ideally located on one of the main arterial routes into the town. Its prominent location, strong covenants and asset management opportunities made this an excellent investment for Kindale.”