£1 million plus investment opportunity on Waterfront Business Park in Bond Wolfe July auction
Investors will be homing in on a major opportunity on Brierley Hill’s Waterfront Business Park when it goes under the hammer in Bond Wolfe’s live streamed auction on Thursday 13 July.
Admiral House, on Waterfront East, off Level Street, is one of a string of attractive office buildings on the park and is listed for sale with a guide price* of £1,050,000+.
The long leasehold property currently generates rental income of £95,021 per annum from its two occupiers.
Ian Tudor, commercial auction director at Bond Wolfe, said: “This is a significant investment opportunity within the attractive Waterfront development, with approximately 116 years of the long leasehold remaining.
“These are modern, well-presented office buildings in two sections on the ground floor but connected at first floor level, with self-contained accommodation over both floors extending to 11,075 sq ft.”
Admiral House is currently leased to Blackthorns Chartered Accountants and Juniper Training.
Blackthorns has a spacious ground floor reception area, two meeting rooms, male and female WCs, staff break-out area with kitchen facilities, and a filing area. On the first floor there is a large open plan office, with four meeting rooms.
Juniper Training also has a ground floor reception area, male, female and disabled WCs, break-out/kitchen area and a range of meeting/lecture rooms with light glazed partitioning. On the first floor there are further WCs, more meeting and lecture rooms and a kitchen.
Mr Tudor said: “The 150-year long leasehold came into effect from 25 March 1989 and has approximately 116 years unexpired subject to a peppercorn rent of £1 payable annually on 30 March.
“Blackthorn’s nine year lease runs from 21 February this year until 2032 at a current rent of £44,000 per annum, with a provision for a rent review on 21 February 2028. This is a well-established firm of chartered accountants predominantly serving the Black Country and Worcestershire.
“Juniper Training has been a tenant since 2018 and recently signed a lease renewal for a further six years from 2 October 2023 at a current rent of £51,021 per annum, with provision for a rent review on 1 October 2026.
“Juniper Training has been established for more than 35 years and is recognised as one of the UK’s leading providers of training and apprenticeships, with 14 centres across the Midlands.
“The Waterfront Business Park provides approximately 750,000 sq ft of high quality office accommodation within attractive landscaped surroundings, supported by a full range of facilities including a hotel, bars, cafes, restaurants and apartments overlooking the waterfont, extensive car parking and is close to the Merry Hill retail complex.
“Over recent years there has been considerable infrastructure improvements around the Waterfront and Merry Hill, particularly relating to the road network.”
Admiral House is just one of 185 properties appearing in Bond Wolfe’s next auction which starts at 9am on Thursday 13 July.
The auction will be livestreamed via Bond Wolfe’s website with remote bidding by proxy, telephone or internet.
For more details and to register to bid visit www.bondwolfe.com/property-auctions-west-midlands/ or email [email protected], or call 0121 312 1212 or 01902 928 510.