Kings Heath Retail Cash Payment
The Birmingham Post has reported on the sale of a retail parade in Kings Heath for £4.5 million in cash; Paul Bassi buys Kings Heath shopping parade.
The parade of shops, numbers 2-30 Alcester Road South, contains 16 units including The Post Office, Barnardo's and Lloyds Chemist providing a rental income of £391,600 per annum. Bassi, who heads Real Estate Investors has already purchased York House in Birmingham city centre for £4 million in cash and has a fund of £100 million available for appealing purchases.
The parade of shops, numbers 2-30 Alcester Road South, contains 16 units including The Post Office, Barnardo's and Lloyds Chemist providing a rental income of £391,600 per annum. Bassi, who heads Real Estate Investors has already purchased York House in Birmingham city centre for £4 million in cash and has a fund of £100 million available for appealing purchases.
Mr Bassi said: “We continue to be in a strong position to take advantage of opportunities and are actively seeking further acquisitions to place ourselves in a strong position for when the market comes back. In the case of Kings Heath all the properties are let on institutional leases on full repairing and insuring terms, providing rental growth prospects and further asset management opportunities.http://www.birminghampost.net/birmingham-business/birmingham-business-news/commercial-property-birmingham/2008/11/06/paul-bassi-buys-kings-heath-shopping-parade-65233-22193456/
“We do not believe in sitting on our hands during a downturn. Where prices are attractive, locations are strong and there are interesting possibilities to build in growth, you will find us showing an interest. We take a long-term view on our investments.”
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