Property agents Bond Wolfe have recorded yet another million pound sale as interest from investors in Midlands commercial property continues to hot up.
In the latest deal to be announced by Bond Wolfe, a modern development in Woodgate Valley, Birmingham, has been sold for £1.2 million, representing a net yield of 9.5%.
The property, Sterling Park, Clapgate Lane, Woodgate Valley, has been sold by Holloway Properties to Cravendale Properties.
The investment comprises a modern, two storey office building fronting modern, well refurbished buildings which total 26,015 sq ft with additional ample car parking.
Sterling Park is located off Clapgate Lane, approximately seven miles south west of Birmingham city centre and close by Junction 3 of the M5 which is about 0.5 miles away.
James Mattin, Bond Wolfe managing partner, said: “This is a good example of the investment stock that Bond Wolfe has had great success selling in 2018.
“We are experiencing major interest in multi-let, strong secondary locations, with good transport links.
“This kind of yield represents good value for investors looking for a return on their investments.”
The property in total is currently let for £121,140 per annum, with only one 150 sq ft office available.
Birmingham law firm Emms Gilmore Liberson advised Holloway Properties and Cravendale Properties were advised by Lodders Solicitors.
Last week, Bond Wolfe announced a private investor had snapped up a Birmingham residential development opportunity at a former health care centre at 395-398 Ladywood Middleway which was on the market for £1.3 million.