Historic building snapped up for £875,000 price tag
An historic Grade II listed building, converted into offices and shops, has been bought in a £875,000 deal.
The three-storey Georgian building at 28-30 Bore Street in Lichfield city centre was marketed by Burley Browne on behalf of the Standard Life Trustees Company.
The freehold has been acquired by private investors, who will occupy a proportion of the office accommodation.
Associate director Ben Nicholson said: “We had a huge amount of interest in this historic property, with viewings comfortably into double figures, which led to several strong offers. Ultimately, it was sold for the asking price which was a great result for our client, reflecting current market conditions and the strong demand for freehold opportunities.”
He added: “I wasn’t surprised to see so much interest. It is an excellent, iconic building in a wonderful location. Demand for freeholds in Lichfield is really strong and on the few occasions they become available, there are always investors queuing up for viewings.
“This sale clearly demonstrates that it is not all doom and gloom when it comes to the office market.”
The building also has two occupiers in the ground floor retail units, producing rental income of £30,000 per year with agreed incremental increases during the term of the leases.
