A large mixed-use property in central Kidderminster has been purchased for £1.55 million in a major investment deal, in a deal brokered by Siddall Jones.
The Birmingham commercial property consultants sealed the deal to buy Carlton House for its client Highclear Investments.
Carlton House occupies a prominent position within the heart of Kidderminster town centre with frontages to Oxford Street, Marlborough Street and Worcester Street.
The freehold building is made up of eight retail units with 15 self-contained flats above, and is located near to a good mix of local and national retailers, other commercial units and professional offices.
The property is nearly fully let at £162,000 per year, representing a yield of more than 10% based on the purchase price.
Ed Siddall-Jones, managing director of Siddall Jones, said: “Market interest in commercial and mixed-use investments is clearly growing and so we were pleased to arrange this significant deal for Highclear Investments.
“Carlton House’s healthy occupancy and rents mean it will make a good return for our client and will add a sizeable mixed-use asset to their portfolio.”
Current commercial tenants at Carlton House include Prestige Tanning House, Ink Tattoo, Toner Estates and Happy Staffie Rescue.
The apartments above have recently been refurbished and include a mixture of studio, one-bedroom and two-bedroom accommodation.
Siddall Jones arranged the purchase from DTF Ltd, a London-based investor.
The solicitors acting on the deal for Highclear were Cotterhill Hitchman, while Wilkin Chapman acted for DTF.