Property and redevelopment company Real Estate Investors has exchanged contracts to acquire a retail parade in Rugeley town centre.
The Birmingham-based firm, headed up by former Birmingham Chamber of Commerce president Paul Bassi, has agreed a purchase price is £900,000 with an initial rental income of £75,250 per annum and an estimated rental value (“ERV”) of £82,250.
The property is mainly let to two national multiple retailers, WH Smith, which expires in 2020 and Claire’s Accessories, representing a total of £61,750 per annum. The remainder is let to local operators.
REI also has a number of other sales, lettings and acquisitions which the directors are optimistic will be secured for the year end.
The Birmingham Post reported in September that REI slipped into the red in the past six months after being hit by interest rates.
The company saw a £1.3 million profit in the first half of last year turn into a £1.6 million in the six months to June 30 this year.
Earlier this year it concluded a £4.5 million deal for 75-77 Colmore Row.