THE CAR park at The Quadrant in Redditch is set to go under the auctioneer’s hammer.
The Alcester Street car park is on the market for offers based on £2,450,000 on a freehold basis and is currently let to Bank Parking Ltd until March 2020, and Swarco Smart Charging Ltd until February 2039.
The projected rental income for 2026 is £266,598, which equates to an initial yield of eight per cent, after service charges and purchaser costs.
James Mattin, managing director of Bond Wolfe, said: “Following recent property investment sales in the area, we are delighted to be offering this car park investment opportunity for sale.
“This is a fantastic, strong income producing asset with underlying future development potential in Redditch town centre.
“With consistently increasing car park revenue, this is an excellent portfolio addition or standalone passive income asset.”
The 0.9acre site has 140 car parking spaces and is close to all amenities including the Kingfisher Shopping Centre, the Palace Theatre and the town’s other shopping hub at the Trafford Retail Park.
Mr Mattin said there were a number of asset management opportunities, including increased parking fees or potentially securing alternative use planning consent for future residential development.
For more visit Bond Wolfe’s website or call James on 0121 525 0600.
