REI buys Staffordshire parade
Birmingham-based property group Real Estate Investors (REI) has exchanged contracts to acquire a retail parade in Staffordshire. The property was purchased at £900,000 and has an initial rental income of £75,250 per annum.
The site is based in a “prime location” in Rugeley town centre in Staffordshire, said the company. It has an estimated rental value of £82,250.
The property is mainly let to two national retailers, W H Smith and Claire's Accessories. The lease with WH Smith expires on 23 August 2020 and currently generates £42,500 per annum. The lease with jewellery retailer Claire’s Accessories currently provides £19,250 per annum. The remaining units are let to local operators.
REI said that it also has “a number of other sales, lettings and acquisitions which the directors are optimistic will be secured for the year end”.
