Central heating firm warms up investment plans with new property acquisition
A Black Country engineering firm has made a property investment in the area to support its long-term investment strategy.
Brownhills-based Brelmayne, which supplies gas, heating and plumbing services, has purchased 4 Cross Street, Willenhall in a £235,000 freehold deal from Custom Homes.
The property comprises a bridal boutique and a hairdresser on the ground floor, and a studio flat above. There is also the potential for additional residential accommodation.
The three-storey property on Cross Street recently benefited from £100,000 of improvement works via a Heritage Trust grant. It lies within the pedestrianised area of Willenhall town Centre, near a wide variety of shops.
Stuart Tipton, managing director of Brelmayne, said the purchase was part of his company’s property investment plan.
“This is a really nice commercial and residential building in Willenhall, and we’re very pleased to add it to our portfolio of properties in Brownhills and Cheslyn Hay,” he said.
The deal was brokered by Black Country property agents Bond Wolfe, which said the acquisition generated current annual rents of £20,600, which equated to an initial yield of around 8% after purchase costs.
James Mattin, managing partner at Bond Wolfe, said: “The local investment market has been extremely buoyant so far in 2017, and our pipeline of investment sales continues to grow.
“Local and regional investors have been very keen to secure secondary stock with secure income and, while we are starting to transact more and more with London-based purchasers, there is a good pool of local buyers keen to acquire freehold opportunities.”
