Hortons Estate offloads Wolverhampton retail parade
MK2 Real Estate, acting on behalf of Hortons Estate, has completed the sale of a retail parade with offices in Wolverhampton to Tri Capital for an undisclosed fee.
The property on Dudley Street comprises eight retail and office units spanning a total of 69,519 sq ft, and is currently let to tenants including Metro Bank, Starbucks, Lloyds TSB, and Cancer Research.
A store formerly occupied by Sports Direct remains to let.
The sale of the property – which had been owned by Hortons Estates for more than 60 years – forms part of the group’s strategy to dispose of non-core assets and redeploy capital into its existing portfolio, as well as potential acquisitions. Earlier this year, Hortons sold the adjacent Castle Yard retail parade to a private investor for £2.7m.
Mark Johnson and Max Sowter from MK2’s investment agency team advised Hortons on the sale.
Mark Johnson said: “Following the sale of Castle Yard in May, we’re pleased to have assisted Hortons on the disposal of its second and final retail investment in the city centre.
“The property produces a consistent rental income, with opportunities to add value through future rental uplifts and the letting of the vacant Sports Direct unit.”