A city centre retail parade has been acquired for £2.7 million. Castle Yard in Wolverhampton has been bought by a private investor from Birmingham property group Hortons' Estate.
The site in Dudley Street comprises seven retail units, totalling 26,456 sq ft, which are let to tenants including Nationwide Building Society, German Doner Kebab and Pound Bakery.
Hortons' Estate has owned Castle Yard for more than 60 years and the disposal is part of an ongoing strategy to rebalance its portfolio towards industrial and distribution.
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Birmingham-based MK2 Real Estate acted for Hortons' Estate on the deal.
Mark Johnson, director in its investment agency team, said: "We're pleased to have agreed the sale of Castle Yard, achieving close to the revised asking price, despite challenging market conditions.
"The property produces a strong rental income and, with opportunities to add value through future rental uplifts, lease extensions and redevelopment of the upper floors, it offers good long-term investment potential which the buyer recognised."
MK2's property management team has also been instructed to manage the building on behalf of the new landlord.