Property agents Bond Wolfe have sold Victoria House in West Bromwich to an unnamed regional investor in a major deal for the Black Country.
The freehold of the property at 290-292 High Street was purchased for an undisclosed sum off an asking price of £850,000.
In a prominent town centre location close to the Tesco-led New Square development, it is fully let to five tenants including national estate agents Connells on a new 10 year lease.
Totalling 6,700 sq ft on three floors and recently refurbished, the rental income is £72,100 per annum.
James Mattin, Bond Wolfe managing director, said: “We are experiencing unprecedented demand for freehold income-producing assets, and indeed have recently placed a further £5 million worth of local investment stock under offer.
“Investors are clearly attributing good value with the Black Country as opportunities to buy well in Birmingham and the wider region are diminishing in what is a competitive market.
“Secondary assets such as Victoria House provide solid secure income at a good yield and there are plenty of buyers for this type of stock.”
The deal follows recent completions on two shops at 46-50 Great Bridge Road, Great Bridge, and five storey 16,875 sq ft office building, 9 Waterloo Road in Wolverhampton, sold for £475,000 and £800,000 respectively.
