Fully let apartment scheme sold
A modern block of fully let apartments in the Black Country has been sold for £1.15m.
The property at 27 Sutton Road in Walsall comprises nine two-bedroomed apartments spread across three floors and producing a total of £70,200 in rent a year.
The apartments in the freehold property all have high specification finishes, including ensuite bathrooms and allocated car parking spaces to the rear.
Bond Wolfe handled the sale on behalf of Dinamead, a private company based in Burton-on-Trent looking to form a new strategy for its portfolio by selling the asset.
The buyer is AMSI Asset Solutions, a private company based in Derby looking to expand its income-producing property portfolio in the Birmingham area.
James Brady, commercial property agent at Bond Wolfe, said: “We are delighted to have found a good buyer for these superbly appointed apartments at 27 Sutton Road.
“We received substantial interest in the property and as a result there were a number of under bidders who missed out on this opportunity.
“This sale is indicative of the types of assets investors are looking for in this market.
“We continue to receive strong demand for income producing residential blocks and would urge would-be sellers to contact us to discuss how we can assist.”
The seller’s solicitor was Jade Bishop of Astle Paterson in Burton-on-Trent, while the buyer was advised by Blacks Solicitors of Leeds.