Hortons sells Wolverhampton retail parade in £2.7m deal

Hortons’ Estate Limited has sold a retail parade in Wolverhampton city centre in a £2.7m deal.

The freehold property, located on Dudley Street, Queen Street and Market Street, has been acquired by a private investor.

Castle Yard comprises seven retail units, totalling 26,456 sq ft. The units are let to tenants including Nationwide Building Society, German Doner Kebab, Burger & Sauce, and Pound Bakery.

Hortons has owned Castle Yard for more than 60 years. The disposal is part of an ongoing strategy to rebalance its portfolio towards industrial and distribution.

Richard Walker of Hortons, said: “In line with our ongoing strategy to dispose of non-core assets and rebalance our portfolio, we have sold Castle Yard Block, Wolverhampton to a local investor.  The funds will be reinvested as we expand our portfolio and we actively seek new opportunities.”

Mark Johnson, director in MK2’s investment agency team, who acted on behalf of Hortons 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.”