Property investor cashes in with £2.5m Wolverhampton sale

A Wolverhampton city centre property portfolio, including Charles House, Premier House and 78 Darlington Street, has been sold to a local developer for £2.5m.

Panther Securities originally purchased the freehold of the mixed-use, retail, office and leisure property in August 2010 for £1.56m.

At the time, the 70,000 sq ft site, spanning 1.2 acres, generated £278,000 per year in gross rental income from 16 tenants, with a net income of approximately £195,000.

Panther Securities most recently produced rent of £122,000 per annum (and circa £80,000 after costs).

The sale price exceeds its latest book value of £2.17m by £330,000.