A West Midlands mixed-use development with more than 35 tenants has been sold off-market to a private investor in a £2.1 million deal, commercial property consultants Burley Browne announced.
The 5.2-acre site at Norton Canes Docks, Lime Lane, Pelsall, includes offices, retail units, industrial units, a timber yard, petrol station, and vacant land suitable for further development. It has a total gross rental income of approximately £280,000 per annum.
With an extensive frontage on to Lime Lane, with the Cannock and Essington Canal to the rear, the site is prominently situated close to the A5 Watling Street and within easy reach of the M6 Toll Road at Junction T7 via the Orbital roundabout.
Ben Nicholson, senior associate director at Burley Browne, said: “We are delighted to have assisted our client with the disposal of this site, having agreed terms off market for this rare opportunity.
“It is in a great position, with excellent potential and very good income. The site is currently fully occupied and presently boasts over 35 occupational tenants, which reinforces the popularity of the location.”
The wider locality has been subject to extensive redevelopment with improved road links via the M6 Toll Road/A5/A34 and has also seen significant development over recent times with the extension to the Orbital retail area, Kingswood Lakeside Industrial scheme and the West Midlands Designer Outlet.
Ben added: “Burley Browne has had a long-standing involvement with the vendor, starting in the last century. Over the years we have provided a wide range of property related services and this has been the final step in achieving a successful outcome for the client.”
One of the West Midlands’ leading independent commercial property consultants, Sutton Coldfield-based Burley Browne provides expert advice and a wide range of commercial property services. Clients include pension funds, banks, property investors and developers, multi-national companies and national retail and leisure operators, as well as small businesses and private individuals.