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A private investor has bought a mixed-use property hosting a national chemist and a large flat on a busy Birmingham high street, in a deal sealed by Bond Wolfe.

The leading Midlands agency dealt with multiple offers for the freehold building at 1005 Alcester Road South in Maypole, near Kings Heath, which brings in rents of more than £20,000 a year.

The property changed hands for £320,000 and was sold to a private investor entering the commercial investment market for the first time.

The 792 sq ft ground floor has been occupied by Boots for the last 15 years, and this lease has just been renewed for another five years at £14,000 per annum.

The large two-bedroomed apartment above, measuring 635 sq ft, is let to a long-term tenant and brings in a further £6,300 rent a year.

James Mattin, managing director agency at Birmingham-based Bond Wolfe, said: “We were delighted to get this deal over the line on behalf of a long-standing vendor client. 

“The purchaser was making their first foray into commercial property investment, a trend we are seeing more of as people see mixed-use investments like this as a safe and viable place to park their money. 

“This asset ticks all the boxes for first-time commercial property buyers, with a national, recognised tenant on the ground floor holding a renewed lease, and residential accommodation above which is let separately. 

“We are seeing huge demand for these types of properties and would urge anyone thinking of selling to contact us to take advantage of strong market conditions.”

The property occupies a prominent mid-parade position and benefits from a strong level of passing trade, with other nearby occupiers including include Bet Fred, Greggs and Aldi.

The centre of Kings Heath is less than a mile away, while access to the Midlands motorway network via the M42 is approximately two miles to the south.

Richard Saxton of Knights acted for the seller, while Kelly Eagers at Roy Thorns acted for the buyer.

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