SCMC invests £2.4m in properties
Sutton Coldfield Municipal Charities (SCMC) has acquired the freehold interest in two Worcestershire properties for £2.4m.
The Birmingham office of real estate agency DTZ acted on behalf of the charity, which traces its roots back to Tudor times.
Units 1 and 2 in Marlpool Lane in Kidderminster have been bought for £1.06m.
The 5,200 sq ft former public house now trades as a Spar, and includes a vet's surgery and a first-floor flat.
SCMC has also purchased 96 High Street in Worcester for £1.34m.
The 2,313 sq ft retail property is located in the city's shopping area and is currently let to clothing retailer Fat Face, which has 12-and-a-half years unexpired on its lease.
"Both these acquisitions form part of the charity's commitment to investing in property with good and secure income to enable them to continue to provide grants and support to the local community," DTZ senior director Jon Leedham said.
SCMC was formally established in 1886 with the aim of improving the quality of life for people living in the boundaries of the former borough of Sutton Coldfield.
It makes grants of about £1m each year, with its work funded by income from an investment portfolio, which includes property.
