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:
Edward Rowlandson / Nick Moore, RO Real Estate
01707 601400 / 0207 025 1780
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.