Sutton Coldfield building sold for £1.6m

A FREEHOLD office and leisure investment in Sutton Coldfield has been sold for close to £1.6m.

Lingfield Assets has disposed of 21 to 23A Birmingham Road to a private family trust.

The building totals 11,822 sq ft. The ground floor is let to Loungers, which runs Quinto Lounge, on a 15-year lease while a further retail unit is let to a local coffee shop Under Pressure Espresso.

Two first-floor offices are also let on shorter leases.

The total income is £126,500 per annum reflecting a net yield of 7.5%.

Shortland Penn + Moore (SP+M) acted for Lingfield Assets while the purchaser represented itself.

David Allen, of SP+M, said: “The investment market in the West Midlands is pretty robust and this deal further underlines that.”