A West Midlands high street bank building has been sold to investors, commercial property consultancy Johnson Fellows has announced.
Birmingham-based Johnson Fellows was instructed by a private investor to market the freehold of the Grade II-listed building in Vicar Street, Kidderminster, which is occupied by Lloyds Bank plc.
Situated in a prominent, pedestrianised town centre location, the four-storey 5,446 sq ft building currently attracts an annual rent of £105,000. The property was marketed for offers over £600,000.
Johnson Fellows’ agency partner Richard Bache said: “This was an outstanding investment opportunity and it came as no surprise that it attracted a great deal of interest from regional and national investors. It is a wonderful building in an excellent town centre location with a long-term tenant of the quality of Lloyds Bank plc. We are delighted that we were able to complete the sale on behalf of our client.”
The building, according to Historic England, was built in 1857 in yellow brick with a slate roof. The side elevation has a segmented Ionic portico with four columns and two piers, with balustrade parapet.
The Vicar Street elevation has seven round-arched windows with rusticated keystones and cills with balusters beneath at first floor and consoles at ground floor. Currently utilised as a bank by tenant Lloyds Bank, the ground floor comprises a banking hall and associated offices. Upper floors and basement are included within the tenant’s demise.
Johnson Fellows, established in 1984, is based in Birmingham with offices also in London and Manchester. The practice acts for a wide variety of clients including retailers, investors, developers, financiers and occupiers of commercial property. Services include agency, lease advisory, property management, building surveying and valuation. In particular, the firm advises many of the UK’s leading national multiple retailers on a nationwide basis.
The firm specialises in providing high quality professional advice with the latest market information and analysis, guidance through constantly changing legal issues and, above all, in providing a service which achieves the optimum commercial outcome for clients.
