Black Country property agents Bond Wolfe have put together a tasty deal in the centre of West Bromwich.
It has let the final unit at the former 25,000 sq ft Allied Carpets store at 294-310 High Street.
A Mediterranean restaurant operator has agreed a 20 year lease.
The transaction takes the total income for the asset – owned by Real Estate Investors plc, the West Midlands-based property investment company – to £145,000 per annum.
Bond Wolfe had advised REI to split the ground floor into four smaller outlets of 2,000 sq ft to 4,000 sq ft in order to meet local demand … and it paid off handsomely.
James Mattin, Bond Wolfe managing partner, said: “We are delighted that 294-310 High Street is now fully let.
“By using our local market knowledge we were able to identify what operators wanted in this market and provided a product to suit their needs. We were instructed to market the building whilst it was in a run-down, unloved state. Yet, by working closely with our client, this part of the High Street has been transformed, and at the same time we have added significant value to the property.”
It is situated close to the Tesco-led New Square development plus an influx of footfall from the new Sandwell College has created a real buzz around the area.
The deal follows the recent lettings of the adjacent unit to a convenience store operator, 115 Hill Top to betting chain Corals, and 11 newly built retail units at the Latitude development which is now producing an annual income of in excess of £250,000 per annum.
Mr Mattin added: “It is all further evidence of Bond Wolfe’s ability to substantially enhance the value of an asset.
“The business is gathering significant momentum in the final quarter as this latest deal follows 60,000 sq ft going under offer in the last month.”