Buyer snaps up part of Brierley Hill's Waterfront for £2.72 million
Part of The Waterfront at Brierley Hill has sold at auction £2.72 million.
The 42.6-acre site, taking in properties and land on either side of the Dudley Canal, featured in an online auction run by property company Savills on Tuesday.
It had a guide price of £2.5 million but bids started at only £1.9m.
The auctioneer had authority to sell at below that price but bids slowly topped the guide, with an online bidder finally getting what auctioneer Nicholson Boyd described as "a hell of an opportunity".
The Waterfront includes offices, shops, leisure units and car parks with three bridges connecting the two parcels of land, which have their own separate road access.
It has current rental income of £415,179 a year.
The majority of the upper floors and a number of buildings have been sold on long leases at peppercorn rents. The majority of retail units are under direct management of the estate and are let to bars including Putt Above, Red By Night, The Indian Tavern, JD Wetherpoon’s The Waterfront Inn, The Garrison and Dr Eamer’s Emporium. A number of office units that are not sold off on long leases are let to different office occupiers.
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