Disposal of 64-67 High Street Stourbridge

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£2.8m Value

7.72% Yield

Cited Property has advised LondonMetric Property PLC, on the disposal of 64-67 High Street, Stourbridge.

The 33,038 square foot retail unit occupies a central and dominant position on High Street, the town’s premier retail thoroughfare.

The property is secured on a new lease from 20^th November 2023 to B&M Retail Limited for a term of 10 years. The site also includes a 52-space car park.

Cited Strategy

To achieve a successful outcome, Cited reported on the opportunity to provide our client with the context of the current retail investment market and a suitable guide on pricing. We undertook a thorough and full marketing process, with our marketing reach extending nationwide.

Result

We received multiple offers and secured a price exceeding our client’s objectives.

Contact Ben

to find out how we can help you.

07557 056 785 [email protected]

"Our involvement on this asset stretches back to 2017 when we helped AEW on the acquisition. Since then our team have remained involved, helping to bring new life to the parade with occupiers including Specsavers and Kokora. It was a pleasure to be asked to assist on the sale, and to achieve such a fantastic price, some 25% ahead of valuation, was a great way to complete the story."

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AEW Bradley Maher - Director

"This was a complicated purchase of multiple assets located nationwide. The challenge was largely the appeal, as we could see real value creating potential in this portfolio. Once we had agreed the purchase, off-market, we helped our client prioritise the most attractive value-enhancing asset management. Cited's existing relationships with occupiers and the agency community helped us significantly improve the purchase metrics ahead of the purchase completion."

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Evolve Estates Bradley Maher - Director

"Cited are committed to deliver on Claire’s business plan of 10+ new stores a year in the UK, entering new locations, as well as relocating existing stores. At Cited, we pride ourselves on our ‘hands on’ approach to work. From identifying new store opportunities on town trips, negotiating terms, through to completion, we ensure we are there every step of the way to advise our client as best as possible. "

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Claire’s Accessories Josh Gettins - Surveyor