West Midlands commercial agent Bond Wolfe has concluded a major Black Country investment deal.
The West Bromwich-based firm has sold the former Blockbuster unit at 69 Dudley Street, West Bromwich, to Belwell Property Investments.
The property was purchased for £510,000 representing a net yield of 7%.
Bond Wolfe managing director James Mattin explained: “Our vendor client acquired the former Blockbuster unit after the business went into administration for the second time and collapsed.
“Following the property’s acquisition, we were instructed to market the premises and we managed to secure a let on a new ten year lease.”
The Salvation Army has taken the 3,768 sq ft building, which has on-site parking, at an annual rental of £37,500.
James Mattin said: “This deal is a classic example of what we do best. Take a vacant building, find a solid, long term tenant, thus adding significant value, and then sell the investment on.
“This is one of a number of investment deals we have in the pipeline and follows our recent £1 million plus sale of Sterry House in Stockport.”
Boss UK acted for Belwell Property Investments.
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For further information, please contact:
James Mattin, Managing Partner,
Bond Wolfe, West Plaza, 8th Floor, High Street, West Bromwich B70 6JJ
0121 525 0600 or 0121 524 1172, www.bondwolfe.net
Prepared and issued by Andy Skinner, ASAP PR, 01789 490786, mobile 07990 978257.
Bond Wolfe is an established commercial property practice based in West Bromwich. Its services include commercial property sales and lettings, property investment and development throughout the West Midlands.