
14-28 Corporation Street, Birmingham
Corporation Street, Birmingham, West Midlands, B2 4RN, UK
11,727 m²
The property occupies a prime retail position on the east side of Worcester’s pedestrianised High Street the property is immediately opposite Chapel Walk Shopping Centre. This 100% prime location boasts Worcester’s highest footfall and is a key component of the city’s on-street retail and leisure provision. The property is surrounded by established national retailers including Marks & Spencer, Boots, Office, River Island and Costa Coffee amongst others. The property is a short 5-minute walk to Foregate Street Railway Station. It also benefits from dual frontage, with a secondary access from The Shambles, a parallel retail thoroughfare offering a secondary entrance for customers.
Following a comprehensive refurbishment in 2017, the property provides a modern retailing environment highly suited to TK Maxx’s operation. The ground and first floors provide the primary sales areas, connected via escalator and passenger lift, professionally fitted in the tenant’s corporate style with extensive racking, suspended ceilings, recessed LED lighting, air conditioning, and audio systems.
Upper levels provide ancillary accommodation, with the second floor dedicated to storage, the third-floor housing staff amenities, training facilities and offices, and the fourth floor containing plant equipment. A roller shutter door on the elevation fronting The Shambles accommodates goods deliveries, with a dedicated service lift connecting to the upper floors.
Proposal
We are instructed to seek offers in excess of £4,195,000 subject to contract and exclusive of VAT.
A purchase at this level reflects an attractive net initial yield of 8.50%, and a low capital value of £84.41 per sq ft.