Lloyds and HSBC branches sold for £1.26m
Two Midland high street branches of banks have been sold for a total of £1.26m by Bond Wolfe.
1098 Warwick Road in Acocks Green, leased to Lloyds Bank at £75,000 per annum until 2027, was bought by a private investor for £750,000.
Another private investor paid £510,000 to purchase 20 Market Place in Cannock town centre, leased to HSBC until 2027 at £53,000 per annum.
James Mattin, managing director – agency at Bond Wolfe, said: “We’re delighted to have concluded both these transactions at decent prices for the sellers, reflecting the strength of their tenants.
“These sales show that private investors are still happy to back high street banks, despite the number of recent local branch closures.”
1098 Warwick Road, which extends to 3,890 sq ft and has been occupied by Lloyds since 2012, has a ground floor bank area with ancillary accommodation above.
It is based in Acocks Green Shopping Centre, on the north side of Warwick Road, fronting the roundabout junction with Westley Road and Shirley Road.
20 Market Place extends to 4,570 sq ft and has been occupied by HSBC for more than 20 years.
It is a double-fronted retail premises on the ground and first floor of Cannock’s pedestrianised high street, with neighbours including NatWest, Greggs, JD Sports and William Hill.
The buyers and sellers on the deals have not been disclosed, but on the Warwick Road transaction Woodhouse solicitors of Walsall advised the buyer, while Clark Brookes Turner Cary Solicitors of West Bromwich acted for the seller.
