Property investor swoops for multi-let office and warehouse scheme
A multi-let office and warehouse scheme in Walsall has been snapped up by a local property investor.
Bank House in Bott Lane has been sold by Belwell Property Investments to a private investor off an asking price of £325,000.
The total of office, warehouse and workshop space is 6,155 sq ft with frontage on to both Bott Lane and Bank Street. The property is currently producing annual rental of £27,000, providing a net yield of 8.15%.
James Mattin, chief executive of Black Country commercial property agent Bond Wolfe, said: “We are delighted to have concluded this deal in the current climate.
“Since the beginning of lockdown, we have continued to service calls from cash purchasers looking to invest in income producing assets as well as conversion opportunities. There is certainly still strong demand from buyers looking for secondary located opportunities and Bank House proved popular with a number of investors.”
Marcus Hayes, director of Belwell Property Investments, said: “It was a pleasure working with James Mattin and the Bond Wolfe team who worked diligently in challenging circumstances to conclude a good, fair deal for all parties.”
Legal advisers to Belwell Property Investments were Higgs & Sons, while the purchaser was advised by Ashley James Solicitors.
