Bond Wolfe celebrating summer success as the regional investment market holds up
Bond Wolfe has agreed and has under offer deals totalling £6.5 million in August, with some properties selling for the full asking price in just seven days.
We are also experiencing strong interest in a substantial two storey character property in Wednesbury that has just come to the market for a further £875,000.
James Mattin, Managing Director, said: “Innovation Works provides an excellent opportunity for a purchaser to reposition this substantial building. It was previously used as short term/serviced offices and the building now lends itself to a variety of uses, including education, healthcare and residential, subject to planning permission.”
While the rest of the market is worrying which way the wind is blowing, Mr Mattin and his team sold the latest of a string of retail and mixed-use properties in Kings Heath, Birmingham, to a private investor for £512,500.
The freehold retail investment at 12-14 Alcester Road South is let to Luxury Leisure for ten years from June 2021 on a passing rent of £40,000 per annum. CBTC Solicitors acted for the seller, and Nelsons of Leicester advised the purchaser.
James Mattin said: “This is continued evidence of the private investor demand for solid high street retail income.
“Investors see these types of assets as a positive place to park their savings, and we have continued to see strong demand throughout the summer period despite rising interest rates.”
This is the latest in a string of sales we have completed on behalf of a PLC client, including transactions on numbers 16, 20, 26, 28 and 30 Alcester Road South.
The sale of 86 Bradford Street, Walsall, for £197,500, is one of five investment properties we are selling in the parade. The deal follows the sale of the property next door, which is let to Paddy Power. GLS Solicitors in West Bromwich acted for the buyer.
We have also sold a freehold site with the potential for redevelopment at the rear of 29 and 31 Vernon Road, Oldbury, Sandwell. The site already has planning permission for two bungalows and was sold to a local developer.
These property deals come as we have been appointed to sell a number of new instructions across the West Midlands, including Wellington House, 3-5 Wellington Road, Bilston, a 6,700 sq ft freehold building with potential for a variety of uses, subject to planning permission.
The property, on a corner location close to the Midland Metro, went under offer at the full asking price of £475,000 in just seven days.
Also under offer after only one week is Chorley Mill, a substantial and attractive period building at 1 West Street on the edge of Leek town centre in Staffordshire. The property was put on the market at offers based on £345,000 and was immediately snapped up for the asking price.
Our August deals follow on from the sale in July of York House in Birmingham city centre to a London education provider for £3.8 million.
The news comes as Bond Wolfe was ranked as the Number 1 regional investment agency in the West Midlands in the annual CoStar awards.
James Mattin added: “The West Midlands investment market is very lively, with a lot of capital looking for a good home. We are keen to secure further instructions to keep the momentum going and satisfy this keen demand.”