Retail parade in Halesowen town centre 'with strong occupancy levels' up for sale

The freehold investment opportunity at 49 to 63 High Street includes eight fully let retail units and an advertising hoarding that currently produce a total of £114,000 rent a year.

Commercial property agency Bond Wolfe has been instructed to sell the property.

James Mattin, managing director of Bond Wolfe, said: “We are delighted to have been instructed to sell this fully let and unbroken retail parade in the heart of Halesowen town centre.

“The parade has historically always enjoyed very strong occupancy levels in what is a great and prominent location opposite St John the Baptist Church, at the entry to the town’s main pedestrianised shopping parade.

“There is a good tenant mix of retailers, and the potential for further conversions of the first floor to residential makes this an excellent value-added opportunity.

“Offers based on £1,295,000 are sought for the freehold interest, which would equate to a very healthy net initial yield of 8.31 per cent."

He said the parade has further asset management potential with previous consent for residential conversion of the first floors, and one property already converted.

49 to 63 High Street is arranged on the ground and one upper floor, hosting eight ground floor shops with extra accommodation space on the first floor accessed from the rear.

The parade, which totals 9,773 sq ft of space, has a rear access road, with an advertising hoarding on the side wall of number 49.

Each property was the subject of previous planning consent for conversion to residential use on first floor level, and numbers 51 to 53 have current consent for two homes.

Current tenants each pay £14,000 rent a year, with another £2,000 a year coming from the advertising hoarding.

The property is located on the east side of the High Street, between Church Street and the pedestrianised High Street, 200 metres from the Cornbow Shopping Centre.