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.
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For further information:
Kirsty Allan, Tavistock Communications
020 7920 3150
Notes to Editors:
RO Real Estate is a privately-owned company specialising in
commercial property investment and development in the south east, with a
portfolio of more than £8 million of properties. It is the property division of
the RO Group, which was founded in 1932 by Stanley Graham Rowlandson. His
innovative attitude to business has been carried forward by his son, and
current Chairman, Richard Rowlandson, who used the Group’s property and
retailing experience to develop over 40 neighbourhood centres in the 1980s and
90s and 30 Pegasus Retirement Homes in the 2000s. Now Graham’s grandson and
current Group Managing Director, Edward Rowlandson has grasped the mantle
overseeing the Group’s investment in various entrepreneurial ventures which in
addition to commercial property investment include residential development and
high quality holiday lodge parks.
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