Harris Lamb has sold a Dudley warehouse and showroom complex to Midlands based Western Trading Group for an undisclosed price.
The property on King Street had an asking price of £1 million and agents Harris Lamb said its size, location and suitability for various uses had attracted a lot of interest from potential buyers.
Harris Lamb was instructed by the sellers, Aurora (Dudley) Ltd, last summer after the 42,000 sq. ft. property set on 1.165 acres had been on the market for some time.
Sara Elwell, of the Commercial Agency team, said: “We were instructed to sell the property further to a number of unsuccessful attempts by other agents. We were confident that we would secure a sale as a result of the well-documented stock shortage across the Black Country, where demand well outstrips supply.”
The property is a self-contained warehouse with a showroom, offices, yard areas and on-site parking and has a prominent road-front location on King Street.
The site also benefits from secondary access from Abberley Street and convenient access to the M5.
Sara added: “Freehold properties of this size are in very short supply and the potential opportunities it provided for buyers made it an attractive asset. It naturally lent itself to trade counter, car showroom or industrial use, while also being suitable for a number of alternative uses subject to the relevant planning approval.
“In addition, part of the property is let to a tenant on a five-year term, securing an annual rental income of £20,640.
“We were delighted to successfully negotiate the sale on Aurora’s behalf. The new owners, Western Trading Group, intends to relocate an existing tenant to the site,” she said.
A representative for the Landlord said: “We are pleased that Harris Lamb has delivered a sale while acting both diligently and professionally. We enjoyed working with an experienced and approachable team”.