A landmark office block in Wolverhampton city centre has been sold through property agents Bond Wolfe in a deal worth £2.8 million.
The six-storey, 42,000 sq ft Waterloo Court building, which has 77 car parking spaces, has been bought by a private investor.
The building is currently 80% let, with tenants including Capital Professional, the Leonard Cheshire charity and the Ministry of Housing, Communities & Local Government, producing £296,322 per annum in rent.
James Mattin, managing director agency at Birmingham-based Bond Wolfe, said: “This sale achieved a net yield of 9.94% and has been bought by a private investor who plans to drive the occupancy further and regear a number of existing leases.
“Having managed this asset for a number of years, we have seen Waterloo Court perform well both during the post 2008 credit crunch and throughout the recent pandemic and the uncertainty created by Brexit, so it is no wonder that there was a willing buyer.
“Anchored by some solid, long term tenants, Waterloo Court is centrally located with good access to local amenities and transport links, which ticks a lot of boxes for tenants in the current climate.”
The successful sale comes off the back of Bond Wolfe being appointed on a number of other investment sales in Kettering, Solihull and the Cotswolds.