A landmark office building based within half a mile of West Bromwich Albion FC’s stadium has been sold for £2.7 million after a major marketing campaign by Bond Wolfe and Allsop.
The leading Midlands commercial property agents completed the sale of the six-storey Hawthorns House on Halfords Lane, Smethwick, to a private south-east based investor.
The freehold multi-let office block has around 60,500 sq ft of space and a current rental income of £323,214 a year, making the investment worth an initial gross yield of nearly 12 per cent per cent for the new owner.
James Mattin, managing partner at Bond Wolfe, said: “We are delighted to have concluded the sale of this well-established and prominent asset in conjunction with Allsop”
“The sale price shows how the demand for income-producing investment stock in secondary locations remains very strong.
“We are continuing to witness supply being far outstripped by the huge demand for West Midlands stock from outside investors.”
Hawthorns House is based on the west side of Halfords Lane at the established Hawthorns Business Park, and nearby occupiers include Sandwell Academy, JCB and Scheff Foods.
The building is next to the junction with Halfords Park, less than half a mile from the A41 Birmingham Road and close to Junction 1 of the M5 motorway, while The Hawthorns Railway Station is just a short walk away.
Bond Wolfe sold Hawthorns House jointly with Allsop Auctions in London on behalf of private clients.