Regional investor snaps up West Bromwich property in undisclosed deal
PROPERTY agent Bond Wolfe has completed the sale of a building in West Bromwich to an unnamed regional investor in a deal which underlines the Black Country’s growing reputation as an investment hotspot.
The freehold of Victoria House, 290-292 High Street was purchased for an undisclosed sum off an asking price of £850,000.
In a prominent town centre location close to the Tesco-led New Square development, Victoria House is fully let to five tenants including national estate agents Connells on a new 10-year lease.
Comprising 6,700 sq ft, spread across three floors and recently refurbished, the rental income from the property is £72,100 per annum.
James Mattin, Bond Wolfe managing director, said: “We are experiencing unprecedented demand for freehold income-producing assets, and have recently placed a further £5m worth of local investment stock under offer.
“Investors are clearly attributing good value with the Black Country as opportunities to buy well in Birmingham and the wider region are diminishing in what is a competitive market.
“Secondary assets such as Victoria House provide solid secure income at a good yield and there are plenty of buyers for this type of stock.”
The deal follows recent completions on two shops at 46-50 Great Bridge Road, Great Bridge, and the five-storey 16,875 sq ft office building, 9 Waterloo Road in Wolverhampton, which sold for £475,000 and £800,000 respectively.
