Property Deals: Buntsford Hill Business Park; Dudley; Walsall
Worcestershire commercial property consultancy GJS Dillon has sold a 7,300 sq ft industrial unit in Bromsgrove in a deal worth almost £0.5m.
The company said the price reflected the current shortage of industrial property both in the town and throughout Worcestershire.
The 7,329 sq ft workshop/ warehouse with offices, at Buntsford Hill Business Park, was sold by commercial negotiator Charlie Green, acting on behalf of an unnamed private client. The deal, with a private investor, completed for £485,000.
“This unit was highly sought after. Demand far exceeds the supply of industrial properties throughout Worcestershire in general, and in Bromsgrove in particular, with prices expected to reach new record levels later this year,” said Mrs Green.
A warehouse and showroom complex in Dudley town centre has been sold to Midlands-based Western Trading Group for an undisclosed price.
The property on King Street had an asking price of £1m and agents Harris Lamb said its size, location and suitability for various uses had attracted a lot of interest from potential buyers.
Harris Lamb was instructed by the sellers, Aurora (Dudley) Ltd, last summer after the 42,000 sq ft property, which is set on 1.165 acres, had been on the market for some time.
Sara Elwell (pictured), of the Harris Lamb commercial agency team, said: “We were instructed to sell the property further to a number of unsuccessful attempts by other agents. We were confident that we would secure a sale as a result of the well-documented stock shortage across the Black Country, where demand well outstrips supply.
“Freehold properties of this size are in very short supply and the potential opportunities it provided for buyers made it an attractive asset. It naturally lent itself to trade counter, car showroom or industrial use, while also being suitable for a number of alternative uses subject to the relevant planning approval.
“In addition, part of the property is let to a tenant on a five-year term, securing an annual rental income of £20,640.”
Western Trading Group, intends to relocate an existing tenant to the site.
Caribbean takeaway Cool Runnings has launched a second shop in the Black Country after concluding a deal on retail premises in Walsall.
Currently located in Wolverhampton, the food business has taken a five-year lease on 555 sq ft at 15 Bridge Street, in the town centre.
Bond Wolfe acted on behalf of property group Real Estate Investors.
Richard Horwell, of Bond Wolfe’s commercial agency department, said Cool Runnings had been very successful in Wolverhampton and was now looking to replicate that success in Walsall.
The property, a former estate agents, occupies a prominent position on the busy retail parade. Nearby occupiers include Subway, Swinton Insurance, and a cross section of national and local retailers.