Bond Wolfe sells Lye site ripe for redevelopment
The successful sale of Cridden Road Industrial Estate in Lye in May this year resulted in commercial property agents Bond Wolfe being asked to sell the neighbouring site.
Now the prominent freehold industrial site on the main A4036 Dudley Road has been sold to a regional development company off an asking price of offers in excess of £600,000, reflecting the continuing strong demand for investment opportunities in the Midlands.
James Mattin, managing director agency at Bond Wolfe, said: “The instruction for the sale of this land and buildings on the Dudley Road, came as a direct result of our sale for £1,115,000 of the 0.75 acre Cridden Road Industrial Estate which has five units totalling 22,771 sq ft.
The neighbouring site, most recently sold, has two industrial units totalling 4,063 sq ft which are both currently rented out at £15,000 per annum and £10,000 per annum, with both tenancies expiring in October this year.
Mr Mattin said: “This site offers good potential for a number of uses, subject to planning permission, including industrial, roadside retail and drive through and possibly residential. Indicative plans have previously been drawn up for the development of seven houses.”
Wall James Chappell Solicitors advised the seller and Paul Kettle at George Green Solicitors acted for Stewardson Developments who were advised by Harvey Pearson from Hexagon Commercial Property.
