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Bond Wolfe has sold another attractive Birmingham investment to a company in the south east that is targeting the city.

Alfa International Ltd, a property investment company based in Middlesex, has paid £560,000 for a freehold, fully-let mixed use property at 355 Hagley Road which has a total annual rental income of £46,380.

The seller is Meadway Trading Ltd, a Birmingham-based retail seller of non-specialised stores with food, beverages and tobacco.

The ground floor retail is let to Premier Convenience on a 21 year lease expiring in 2041. 

There are a further five apartments with shared living space above. Planning permission exists for the residential units to be granted a House in Multiple Occupation licence, and there is further potential to develop a one bed flat on the flat roof to the rear, subject to planning permission.

James Brady, commercial property agent at Bond Wolfe said: “This mixed-use investment sale received lots of early demand and as a result, following a week of marketing, we had carried out several viewings and had a number of offers for our vendor to choose from. 

“Potential buyers were attracted to the return from both the commercial and residential aspects, while acknowledging the fact that there is scope for an improved yield through both future rent reviews and potential extension of the residential accommodation.”

The property is located on the ever-busy A456 Hagley Road in Edgbaston, Birmingham, and has direct links to the nearby A38 leading to the national motorway network.

Jacobs Law advised Meadway Trading Ltd, and Lester Dominic Solicitors in London acted for Alfa International Ltd.

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