Fully refurbished office in Midland town with rents of nearly £60,000 a year for sale at £775,000
A major commercial property investment opportunity has emerged in a North Worcestershire town where a fully refurbished office bringing in rents of nearly £60,000 a year is up for sale.
Asper Property Group is selling 6,401 sq ft of space over the first and second floors of Grosvenor House, at 123-129 High Street in Bromsgrove town centre, with offers invited on an asking price of £775,000.
The premises have planning consent for residential conversion, although they are currently fully let to established companies in the IT and real estate sectors.
Charlie London, managing director of Asper Property Group, explained that the total of rental income £58,588 per annum equated to a net initial yield of 7.14% after purchase costs.
Mr London Said: “Grosvenor House has had a full refurbishment and is now fully let, and we’re expecting intense competition in a marketplace that has a shortage of such attractive properties.
“This freehold investment includes substantially modernised office accommodation over the first and second floors, with 14 dedicated onsite car parking spaces to the rear.
“The retail units on the ground floor have previously been sold on long leasehold deals, and the offices have a separate rear access leading to a ground floor reception area and stairways.”
Grosvenor House has a 290 sq ft ground floor reception lobby, with office spaces of 1,555 sq ft and 1,511 sq ft on the first floor, and 1,385 sq ft and 1,660 sq ft on the second floor.
Current tenants include Technical Drive Ltd, a managed IT services provider with over 5,000 users, operational since 2008; Hostus Ltd, an IT consultancy providing off-site cloud services; and Next Level Holdings, a real estate investment company founded in 2005.
All tenants are on leases until 16 September 2027, with break clauses on 19 February 2025, subject to six months written notice.
Bromsgrove has approximately 30,000 residents, and official figures predicted an increase in the district population to over 100,000 by 2021, with a catchment population of 150,000 within six miles.
Grosvenor House is in a prime location on the eastern side of the pedestrianised High Street, the principal retail thoroughfare for the town.
Nearby retailers include Poundland, WH Smith, HSBC, Nationwide Building Society, Boots, Costa Coffee, Clintons, Carphone Warehouse and Thomas Cook.
Mr London added: “Bromsgrove is a prosperous and thriving Worcestershire market town with excellent access to the motorway and frequent rail services to the likes of Birmingham, Worcester, Hereford and Cheltenham.
“The High Street has recently undergone a comprehensive programme of improvement works as part of a £100 million town regeneration project which included a new health centre, library, police and fire stations.
“All these benefits, along with resurfacing of the High Street, new lighting, trees and street furniture, have resulted in a vibrant area making the property attractive to commercial firms and for potential residential opportunities.”
Grosvenor House is being marketed by joint agents Bond Wolfe and John Truslove, and anyone interested in further information or viewings should contact:
- James Mattin of Bond Wolfe on 0121 525 0600, 0121 524 1172 and at firstname.lastname@example.org, or
- Ben Truslove of John Truslove on 01527 584242 and at email@example.com.
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For further information, contact:
Charlie London, Managing Director,
Asper Property Group, Office 2, Hagley Mews, Hall Lane, Hagley DY9 9LQ
About Asper Property Group
Asper Property Group is a Midlands-based boutique commercial and residential property investor and developer, delivering a range of schemes from design-led homes to office schemes and roadside developments.