September 27, 2010
AXA Real Estate Investment Managers (AXA Real Estate) on behalf of its clients, advised by Edgerley Simpson Howe, has sold its 35,913 sq ft Oak Retail Park, Brierley Hill in Dudley, West Midlands, to First Property Group for £5.9 million. The deal represents a net initial yield of 7.37%.
Tenants at the retail park include DIY retailer Wickes and brand bargains giant B&M, with leases expiring in 2019 and 2021 respectively. The total passing rent on the scheme, which has a bulky goods planning consent is £459,300 pa.
Edgerley Simpson Howe represented AXA Real Estate; AHBN represented First Property Group.