Real Estate Investors is buying six properties using the proceeds of its recent fund raising. they are spending £24.95m on:
- 40 St Paul’s Square, Birmingham: a prime office investment in the Jewellery Quarter of Central Birmingham, producing rent of £399,824 p.a. Tenants include Willis Group, ISG Regions, BHP Design, OLR (UK) Limited and Coltham Developments.
- Bearwood Shopping Centre, Bearwood: a prominent retail investment situated in the Birmingham suburb of Bearwood in Edgbaston, comprising a large food store and nine retail units and a 120 vehicle surface car park. The property generates an income of £685,650 p.a. with a current ERV of £690,956 p.a. Tenants include Aldi Stores, Poundland, Greggs Plc, Scrivens Limited, Sportswift Limited, Lloyds Pharmacy Limited and Store Twenty One.
- Virginia House, Worcester: (pictured) a well located multi-let office within the centre of Worcester, producing £132,900 p.a. with an ERV of £184,000 p.a. Tenants include 3AAA Limited, CAFCASS, Worcester College of Technology, Remploy Limited and Wheelchair Basketball Association.
- 1062-1104 Warwick Road, Acocks Green: a busy shopping parade within an expanding suburb of Birmingham, on the outskirts of prosperous Solihull. The property produces £806,000 p.a. with an ERV of £886,000 p.a. Tenants include Wilkinson, Boots, Argos, Post Office and Lloyds Bank. Additionally, the purchase includes 25,000 sq ft of vacant offices, which have excellent potential for conversion to residential use.
- Castlegate House, Dudley: a secure modern office, situated close to Dudley Town Centre and Castlegate Business Park, one of the local area’s premier mixed use business parks. Let in its entirety to Towergate Underwriting Group Limited, trading as Footman James, the classic car insurance specialist, at a rent of £235,125 p.a.
- 150 Birmingham Road, West Bromwich, from the receivership of Anglo Holt Limited. This is a high quality, self-contained office building and warehouse with parking (15,840 sq ft) and an ERV of £130,000 p.a. but currently vacant.
RLE : Real Estate Investors buys six properties