Agents instructed on redevelopment opportunity in Walsall

Agents have been instructed to market a major investment and redevelopment opportunity in Walsall.

The 77,214 sq ft Bridge House in Bridge Street, Walsall, currently houses Walsall County and Family Court in 26,428 sq ft of the building.

The Secretary of State for the Environment, on behalf of the court, recently agreed a further three year term.

A number of other businesses also occupy the building.

James Mattin, managing partner of Bond Wolfe, said the substantial property which is on the market for £3.5m for the freehold, has the potential, subject to planning permission, for residential development of its upper floors.

The rent at present is £256,168 a year but this could rise to £441,258 if the building was fully let.

The property currently consists of four ground floor retail units, with office space above, and there is secure parking for 40 cars to the rear.

Bridge House is situated in a prominent town centre location on the southern side of Bridge Street, between The Bridge and within 80 metres of Park Street, the prime retail sector in Walsall.

The major town centre redevelopment site at the Old Square Shopping Centre is opposite, and this is planned to incorporate a Co-op Supermarket and Primark.

Mattin said: “Walsall has undergone significant regeneration with a 93,560 sq ft retail and leisure scheme situated towards the southern end of Park Street.

“This St Matthews Quarter regeneration scheme by Norgoan & Profitts, a joint venture between St Modwen and Goold Estates, is transforming the area into a vibrant shopping destination.”

He said the low capital value of £45 per sq ft and Walsall’s growing reputation should prove attractive to canny investors.

“This is clearly a significant opportunity to buy into the growing resurgence of Walsall at the right time and at the right price,” he said.