£1.2m commercial property deal shows market remains hot
Cravendale Properties has paid £1.2m for a 26,000 sq ft office development in Birmingham.
Property agents Bond Wolfe managed the sale of Sterling Park at Woodgate Valley from Holloway Properties.
James Mattin, Bond Wolfe’s managing partner said: “This is a good example of the investment stock that Bond Wolfe has had great success in selling in 2018. We are experiencing major interest in multi-let, strong secondary locations with good transport links.”
Bond Wolfe believe that this sale is further evidence of the buoyant commercial property market in the West Midlands, which still offers good value for investors, as this deal produced a net yield of 9.5%. Mattin added: ” This kind of yield represents good value for investors looking for a return on their investments.”
Only last week Bond Wolfe sold the site of a former health care centre, with residential development potential, to another investor for £1.3m, at Ladywood Middleway in Birmingham.