RO Real Estate, the UK commercial property investment and development company, has completed the sale of a 31,667 sq ft Poundland store in Dudley, West Midlands to B&M Retail Ltd for £1.925 million.
The property comprises 31,667 sq ft of space over three floors and is situated on the prime pitch in the High Street which benefitted from a multi-million pound improvement programme in 2015.
Dudley is well located to the east of the M5 motorway and there are good rail services from Dudley Port via Birmingham to London. Nearby occupiers in the High Street include Boots, Santander, HSBC, Peacocks, Barclays Bank, Bon Marche, Superdrug, Wilko and Ryman.
RO completed a number of asset management initiatives at the retail property including a refurbishment and reconfiguration of the unit as well as a new roof. In addition the store has recently had an extensive new fit out by 99p Stores.
This disposal is part of RO’s ongoing strategy to reposition its portfolio by carrying out a rolling disposal programme once the value of assets have been maximised and recycling the proceeds for reinvestment in core income and value-add opportunities in the south east.
RO Real Estate still has a significant amount of cash to reinvest in lot sizes between £2-7 million.
Richard Bourne, head of RO Real Estate, said: “The successful disposal of this property is in line with our strategy to maximise value and recycle the proceeds into new asset management opportunities. We secured a 10 year lease to Poundland and improved the quality of the unit, therefore now was the right time to sell.”
Lambert Smith Hampton advised RO and B&M Retail Ltd were unrepresented on this transaction.