Parham House sold for £1.45m to be turned into new flats
A high street office block is on track to be converted into new homes after being sold for £1.45 million.
The sale deal for Parham House, in West Bromwich, was sealed by Black Country commercial property agents Bond Wolfe.
It will now be converted into nearly 50 new apartments.
The freehold of the office and retail mixed use property has been sold with outline planning permission for conversion to residential to an unnamed developer.
It was offered at Allsops’ London auction on May 25 with Bond Wolfe as joint auctioneers.
James Mattin, Bond Wolfe's managing director, said: “The property was sold on behalf of London-based owners to a property developer.
“The developer will now seek to implement the 47 unit scheme that benefits from permitted development rights.”
“Interest in Parham House exceeded all expectations and this is clearly driven by the demand for unloved office buildings with permitted development rights.
“It provides an opportunity to redevelop a building no longer considered fit for purpose and will enhance that part of the High Street immensely.”
Parham House is at 404-430 High Street, West Bromwich, and extends to 0.823 acres, including 76 marked parking spaces.
The five-story building includes three shop units and 30,444 sq ft of office space. Two of the shops are empty and the third, trading as a convenience story, is let until May 2021. The rest of the complex is empty.
It occupies a prominent position on the west side of High Street, close to its junction with Guns Lane and in between Shaftesbury House and Kingston House, putting it within the town centre's regeneration area.
Bond Wolfe are keen to hear from anyone with similar properties that would benefit from an appraisal of their potential.
Interested parties should contact James Mattin on 0121 524 1172 or via jamesmattin@bondwolfe.net
