Black Country commercial property agents Bond Wolfe have sold Parham House in West Bromwich for £1.45 million.
The freehold of the office and retail mixed use property was sold with outline planning permission for conversion to residential to an unnamed developer.
It was offered at Allsops’ London auction on Thursday 25 May with Bond Wolfe as joint auctioneers.
Bond Wolfe managing director James Mattin said: “The property was sold on behalf of London-based owners to a property developer.
“The developer will now seek to implement the 47 unit scheme that benefits from permitted development rights.”
“Interest in Parham House exceeded all expectations and this is clearly driven by the demand for unloved office buildings with permitted development rights.
“It provides an opportunity to redevelop a building no longer considered fit for purpose and will enhance that part of the High Street immensely.”
Parham House is at 404-430 High Street, West Bromwich, and extends to 0.823 acres, including 76 marked parking spaces.
It occupies a prominent position on the west side of High Street, close to its junction with Guns Lane and in between Shaftesbury House and Kingston House.