Search on for buyer of landmark West Bromwich building
The search is on for a buyer for a West Bromwich High Street landmark up for sale with a price tag of nearly £800,000.
It comes as the area is undergoing an investment “renaissance”, according to property experts at West Bromwich-based Bond Wolfe, the commercial agency that is handling the sale.
Victoria House has been a part of West Bromwich High Street for more than half a century, housing a string of businesses.
It is seen as a prime investment opportunity. Both its ground floor retail units are fully let, with two more tenants on the two floors of recently refurbished offices above.
The building currently brings in a total rent of around £64,000 a year, which should prove tempting to potential investors.
Originally built in the 1960s, the building has 6,700 sq ft over its three floors and is being sold freehold by its owner, an unnamed regional investor, through Bond Wolfe. The guide price is £795,000.
Bond Wolfe managing partner James Mattin said: “For investors looking for secure income producing commercial property assets, Victoria House in West Bromwich could be an excellent addition to a portfolio or first time commercial investor purchase.
“With continued inward investment in the town, West Bromwich is seeing something of a renaissance.
“We have recently concluded some significant freehold sales in and around the town, and the appetite for investing locally seems to be very much on the increase.”
While the building has an almost full set of tenants, including Paul Dubberley estate agency and the multi-lingual comparison service Global Market Compare on the second floor, Mr Mattin has raised the prospect that, like a number of other office buildings across the Black Country, it could be converted into homes.
“Victoria House provides secure rental income but with the added benefit of a future residential development angle, subject to planning consent,” he said.
The former Telecom House tower block in Wolverhampton and the nearby Conniston House are among a string of former offices across the area that are currently being turned into apartments and flats.
In Brierley Hill, after standing empty for five years, the former Point North office block at The Waterfront has been transformed into 180 luxury apartments as The Landmark.
Victoria House has been home to a long line of occupiers since it was first built and was the original headquarters of Bond Wolfe itself when the business started up as an estate agency in the 1980s.
