Custodian buys in Birmingham

Published:  20 June, 2017

Custodian REIT buys Wells Green retail park for £5.1m

Custodian REIT has acquired the 23,007-sq ft Wells Green retail park in Sheldon, five miles from Birmingham city centre on the busy A45 Coventry Road. The site comprises three units occupied by Dreams, Pets at Home and Halfords, with nearby retailers including Morrisons, Tesco, Topps Tiles and Aldi.

The units’ leases expire on 28 September 2022, 26 September 2026 and 28 September 2027 respectively, with a total passing rent of £361,037 pa reflecting a net initial yield of 6.64 per cent.

Managing director Richard Shepherd-Cross said: “With strong occupier interest being experienced at the proposed Sheldon Retail Park development, the area is showing signs of strong future growth potential.”

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