Express & Star

REI's £3.5m Wolverhampton office deal

Real Estate Investors has announced its second major deal in the West Midlands in less than a week.

Published
Molineux House

Hard on the heels of the purchase of Topaz Business Park, Bromsgrove, for £4 million, REI has paid £3.58m for the freehold of Molineux House in Wolverhampton.

The 31,935 sq ft property in Temple Street is let to the Department of Communities and Local Government on an annual rental of £324,370 per annum on a recently re-geared 10-year full repairing and insuring lease from March this year.

It is home to Jobcentre Plus and is on four stories with 44 on-site car parking spaces.

Paul Bassi, chief executive officer of Birmingham-based REI, said: “This latest acquisition provides an undoubted income stream with an attractive initial yield. It also comes with the added benefit of potential in the future to reconfigure the site through development to residential and/or alternative uses.

“We continue to seek to acquire further similar well let, defensive and high yielding investments throughout the Midlands to complement our growing portfolio.”