Sale of shop demonstrates investors ' appetite

Retail properties in Sutton Coldfield are attracting serious investor interest, with the latest mixed use investment property selling for well over the asking price, according to property consultants Burley Browne.

A ground floor shop, let and occupied by hardware retailer The Log Cabin, with two apartments above, fronting Lichfield Road in Mere Green in Sutton Coldfield, has been acquired by a private investor for in excess of the £450,000 asking price.

The property was sold off-market on behalf of a family estate investor by Burley Browne director David Hemming.

The sale does not affect the Log Cabin, who prior to the sale agreed new lease terms and will continue trading.

David said: “There are relatively few opportunities to acquire freehold investments, particularly in and around Sutton Coldfield, so we were confident that there would be strong investor interest in acquiring this property.

“We were asked to approach a short list of known active investors off market and we were rewarded with high levels of interest which was subsequently reflected in the level of offers and price we attained. It is great to see that, despite the challenges faced over the past 18 months, investors still have a strong appetite to acquire freehold commercial properties. ”

Burley Browne, which has an active and fast growing property management department, has been retained by the new owner to provide complete property management services, which include but are not limited to proactive day to day management, rent and service charge collection, administering service charge budgets and reconciliations and property maintenance.

Burley Browne, based in Sutton Coldfield, represents landlords and both regional and national retailers.

The firm specialises in the negotiation of rent reviews, lease renewals and lease restructuring for landlords and tenants, acting for a variety of retail clients across the UK.