Saville Gordon is selling a town centre store in Walsall, West Midlands to Prudential Nominees for just over £3m.
The store, in Walsall’s main shopping street, is occupied by Littlewoods and stands between Boots and McDonalds and opposite Marks & Spencer. The sale price reflects a 6.3% yield.
Saville Gordon bought the property in 1982 and is selling to concentrate activity on the industrial sector. The lease was restructured in 1988 giving Littlewoods a new 35 year FRI lease with five yearly rent reviews. The current passing rent is £208,500, due to be reviewed in September next year.
DTZ Debenham Thorpe advised Saville Gordon, while Lewis Ellis acted for the Prudential.
EGi News 14/05/97
