Office building set for apartment scheme after sale to developers

A mixed-use retail and office building in West Bromwich is set for conversion to apartments after being acquired by property developers in a £1.45m deal.

Commercial property agents Bond Wolfe engineered the sale of Parham House after the building had been put up at auction.

The sale includes the freehold of the building, which is complete with outline planning permission for conversion to residential use.

It was offered at Allsops’ London auction on May 25, where Bond Wolfe acted as joint auctioneer.

James Mattin, managing director, Bond Wolfe said: “The property was sold on behalf of London-based owners to a property developer.

“The developer will now seek to implement the 47-unit scheme that benefits from permitted development rights.”

He said interest in the building had been high and the price achieved beat expectations.

“This is clearly driven by the demand for unloved office buildings with permitted development rights,” added Mr Mattin.

“It provides an opportunity to redevelop a building no longer considered fit for purpose and will enhance that part of the High Street immensely.”

Parham House, located at 404-430 High Street, West Bromwich, extends to 0.823 acres and the building includes 76 marked parking spaces.

It occupies a prominent position on the west side of High Street, close to its junction with Guns Lane and in between Shaftesbury House and Kingston House.