Acting on behalf of a local family trust, MK2 advised on the acquisition of a modern suburban shopping parade in Hednesford.
Chase Gateway forms part of St Modwen Developments’ £50 million comprehensive regeneration of Hednesford town centre. The property comprising 5,650 sq ft of new retail floorspace is fully let to four tenants including Pizza Hut, Barnardos, Wheatley Flooring Ltd and Whitehouse Foods Ltd. The total income of £86,500 pa reflects rates of between £14.40 and £16.00 per sq ft.
The purchase price was £1,000,000 which reflects a net initial yield of 8.18%.