£4m price tag put on landmark office block in Wolverhampton
A landmark city centre office block has gone on the market for £4 million.
West Bromwich-based Bond Wolfe has put Waterloo Court in Wolverhampton up for sale.
The property, on the ring road, is made up of six floors of space.
The 42,386 square foot property at 31 Waterloo Road comprises of multi-let office accommodation, a reception and car parking for 77 vehicles.
The current landlord rakes in more than £385,000 per year in rent according the the Rightmove website, a yield of 9.1 per cent.
Businesses currently housed in the block include Leonard Cheshire Disability, Gap Personnel and Eos Wolverhampton.
The advert states: "We are instructed to seek offers in excess of £4 million subject to contract and exclusive of VAT.
"This represents a net initial yield of 9.1 per cent based on a current income of £385,267 per annum after deducting purchaser's costs."
It adds: "There are number of initiatives which will improve the rental income of the asset and result in capital improvements, including re-branding the asset, regearing leases to extend average lease term and increase annual income."
The property also has two Otis eight person lifts which serve all floors but the top, which is accessed via a stairwell,
The suites also benefit from gas central heating, and there are kitchen and staff facilities on each floor.
It also has toilets on each floor.
Car parking is accessed from Clarence Road, via a security gate with intercom facilities.
Councillor Roger Lawrence said he believed the current building looked tired and hopes to see an investor who is keen to look after the building for a long period, as well as make upgrades.
He said: "It's not unusual for properties to go up for sale and for landlords to make their money.
"I think there will be plenty of interest from institutional investors.
"You're looking at a 10 per cent return which I think is around about right.
"When it is bought, the new landlord will probably look at the leases of businesses that are there and how long they have to run.
"It's probably fair to say that the building is looking a bit tired from the outside, so I'd be hoping that the new landlord would be looking to upgrade it.
"Hopefully someone buys it who wants to have it for a long time.
"There is still a buoyant interest in office accommodation in the city centre which is always good to see."
Bond Wolfe declined to comment and did not indicate if any early expressions of interest had been made.
