Willenhall apartments in record £2.6m sale
An apartment building in Willenhall has been sold for £2.6 million to a Middle Eastern business consortium.
The deal is a record in the West Midlands for CP Bigwood Auctions.
The Birmingham-based company, recently acquired by bigger Nottingham property services group Shepherd Direct, has sold The Junction, 42 Bilston Lane, Willenhall, for £2,665,000.
The development was bought by a Dubai consortium. The Junction comprises a modern block of 43 apartments, including four one-bedroom apartments and 39 two-bedroom apartments, with a current income of over £227,000 per annum.
The site also featured underground parking for 65 vehicles. The construction of the flats, by Birmingham based company Oakfield Developments followed the demolition of the derelict former Neptune pub, back in 2006. It received the support of Walsall Council, which approved the planning application. In 2004 the Neptune Pub was taken over by a licensee who vowed to get tough with yobs and barred 14 troublemakers when it reopened. The licensee took over when the pub had stood empty for six months.
But the pub required at least £10,000 to refurbish. It was later demolished.
Associate partner Gurpreet Bassi said: "This kind of stock has traditionally been sold in London in the past, but this is further proof we can facilitate these types of properties and have buyers lined up."
