A neighbourhood shopping centre in Coventry has been sold for over £1.6 million on behalf of leading commercial property developer Stoford.
Ernesford Grange, Quorn Way, Binley, has been bought by a client of Shortland, Penn and Moore after New Wood Securities – Stoford’s investment company – put the seven-unit retail centre on the market.
Dominic Stokes, director of Stoford, said the company bought Ernesford Grange – a 14,612 sq ft centre – in 2004 and refurbished and re-let a number of vacant units. It now attracts a rental income of £130,000 per year from its tenants, which include Co-op, Tesco Express, Boots, Ladbrokes and Domino’s.
“This shopping centre is located in a densely populated residential area and is well used by the community,” said Dominic. “Under our ownership, we have invested in a number of improvements and believe this is why it attracted a number of potential buyers who realised its potential net yield.”
Allsop and Franck-Steier Price were appointed sales agents by New Wood Securities.
Stoford is a leading specialist in office, warehouse and distribution development. It has delivered over 10 million sq ft of pre-let development and in 2012 to 2014 had more than 1.5 million sq ft of pre-let space under construction throughout the UK.