Industrial property snapped up in £1.3m deal

Commercial agents at Harris Lamb have brokered a deal to sell the freehold of an industrial building in Aston for more than £1m.

The 20,000 sq ft warehouse, Unit 70 on Church Road, attracted a “significant” amount of interest from potential purchasers keen to own a freehold property in a prominent central location, said Harris Lamb.

The property was bought by an undisclosed buyer for over £1.3m.

Tom Morley, who oversaw the sale, said: “This is a significant sale within the region. Freehold industrial opportunities are extremely rare, and despite concerns over increasing interest rates leading to some reticence from buyers, this particular property attracted a great deal of interest from those parties willing to take their chances on further hikes in order to secure it.

“This is the second industrial sale we’ve overseen in Aston within a month, so it’s clear that there is some confidence that the economy has stabilised and that the area is one to capitalise on as the ongoing stock shortage within the West Midlands shows no sign of abating.”

Earlier this month, the business sold a 5,921 sq for industrial property on Windsor Industrial Estate in Aston for £800,000.

Morley added: “The amount of interest generated by both of these opportunities demonstrates the strong appetite from buyers seeking to own rather than lease, and all signs are positive for the sector moving forward into 2024, with a number of parties actively seeking industrial properties for sale within the Birmingham area.”