Commercial agents at Harris Lamb have sold a Birmingham industrial property for more than ten per cent above its guide price further to conclusion of a competitive bidding process.
Such was the demand for 97 Amington Road, Tyseley that multiple bids above the asking price were submitted within weeks of it being brought to market.
Acting for Arbury Properties, the business placed the 20,222sqft building on the market for £1.25 million.
The warehouse, which provides a gated yard and integral offices, saw high levels of demand with several block viewings arranged to cater for local and regional interest from owner occupiers and investors alike.
Neil Slade, Director in Agency team, said that demand for freehold property remained high in the Midlands region, especially on secondary mid-box premises, but the full extent of interest on this building surpassed their expectations.
“Opportunities to purchase freehold industrial land and property within the West Midlands are rare, so we were confident the property would prove attractive but we were overwhelmed by the demand from range of owner occupiers, developers and investors, receiving multiple bids very quickly following block viewings, many of which exceeded the £1.25million asking price,” said Neil.
Ashley Brown, of Harris Lamb’s Agency department who also worked on the disposal, commented that owners of freehold property are generally seeing strong demand and pricing in the current market given limited supply.
“We were instructed by our clients to undertake a competitive bids process, with the successful purchaser, a private investor, buying the property some way over the asking price with the sale concluding less than two weeks from solicitors being instructed.
“While there has been a fervent demand for industrial freeholds for many years due to the continued lack of supply, the improved availability of debt finance has only strengthened that appetite. Our experience suggests it is a good time for property owners to consider selling freehold industrial property to capitalise on the current market conditions,” Ashley added.
