Barberry Group has hit the jackpot after acquiring a major bingo hall in the West Midlands.
The development and investment company has completed the purchase of Mecca Bingo, at 50 Halesowen Street, Oldbury, Sandwell, in a £5.92 million deal as part of a high quality income-producing “value add” opportunity.
The investment, which is producing a rental income of £488,768 per annum, offers a highly prominent 31,690 sq ft retail and leisure warehouse on a site of 3.55 acres, with a low site cover of circa 21%.
Barberry development director Jon Robinson said “We are delighted to have acquired this prominent investment in Oldbury. Our purchase offers several asset management opportunities and we plan to work with our tenant Mecca and to explore the development potential of the site to incorporate roadside pods and electric vehicle charging.”
Jon added: “The Mecca Bingo in Oldbury is a fantastic facility that is well used providing an excellent service for the local community, which also represents an outstanding investment. We very much look forward to exploring opportunities to create more services and jobs for the local community whilst adding value to the site.
“We continue to grow our investment portfolio and implement our investment strategy, to increase value through asset management initiatives, refurbishment and redevelopment, focussing on new investment opportunities within the commercial property sector and hope to have future positive announcements shortly.”
Allan Wilson, director of JLL, who acted on behalf of Barberry, said: “In a market where genuinely interesting deals are few and far between, this was a standout opportunity and one which I am confident will prove to be a very shrewd investment. Barberry had to react and transact quickly with such a competitive asset and successfully completed the deal in less than four weeks from terms being agreed.”
Nick Wood, director at Savills, who acted for the vendor, said: “Savills are delighted to have completed the sale of Mecca Bingo, Oldbury, to Barberry on behalf of Bramall Properties. The process generated significant interest from a broad range of investors and developers, reflecting the property’s strategic value and future potential. A fantastic outcome for all parties involved.”