New police station headquarters secured for £3.3m
Real estate agent Bond Wolfe brokered the sale of the office development to the West Midlands Police, who intend to use it as the new Dudley police headquarters.
West Midlands Police acquired the property situated at Castlegate Business Park for a total of £3.35m.
The building, spanning 21,375 sq ft on a 1.45-acre site, is currently leased to Towergate Underwriting Group, operating as Footman James, until November 2024.
The current passing rent is £288,000, resulting in a net yield of 8.07%.
Additionally, the site has 98 parking spaces.
West Midlands Police has now got approval to change Castlegate House on Castlegate Way from offices to a different use.
James Mattin, managing director of Bond Wolfe, said: “This is a highly prominent two-storey modern headquarters building. We are delighted to have concluded this sale as part of a very successful year for Bond Wolfe. Following the sale of their previous headquarters, we are delighted that West Midland Police chose Castlegate as the location for their new Dudley station.”
Kenny Allen of Surveyors KWB represented the purchaser who was advised by the law firm Clarke Willmott in Birmingham. West Bromwich law firm CBTC acted for the seller.