Regal Property Group sells off Broad Street store for £1.15m
The Tesco Express store at The Bank in Birmingham has been sold to new owners with a long-term lease in place.
The 3,360 sq ft convenience store at Tower 2, The Bank, has been acquired by a local charity, who declined to be named.
The Bank, comprising two towers of 395 apartments and ground floor retail space, was developed by Regal Property Group. The 33-storey tower two building on the development welcomed its first residents in 2019.
Store tenant Tesco has recently signed a 15-year lease, and pays a rent of £70,000 per year.
Cushman & Wakefield were the acquiring agent, while MK2 Real Estate’s Mark Johnson advised Regal Property Group on the sale.
“Tesco is a great tenant and this store is very well positioned on Broad Street in a successful residential scheme which has transformed the local area and benefits from the new Metro Tram Line, significantly improving connectivity to the city core,” he said.
