Waterfront office building on the market for £400k
A landmark office building on the Waterfront business estate in Brierley Hill has gone on the market with an asking price of more than £400,000.
West Bromwich-based Bond Wolfe is handling the sale of the fully-let Barberry House, which is currently producing £42,000 a year in rental income and offers a rare opportunity for investors in an area on the verge of major regeneration.
It is also close to intu Merry Hill, one of the region’s leading shopping centres with more than 200 stores, dining and leisure outlets.
Barberry House, at 4 Harbour Buildings on the Waterfront West Business Park, comprises 4,126 sq ft of modern office accommodation over two floors.
The building includes 15 on-site car parking spaces. It is currently occupied by Astec Europe on the ground floor and First Cedar Underwriting on the first floor. Both are on five-year tenancy agreements.
The property is arranged as two self-contained office suites, each with suspended ceilings, raised floors and male and female WCs.
The price tag of £400,00 plus VAT represents a net initial yield of 10.04 per cent, allowing for purchaser’s costs of 4.18 per cent.
James Mattin, chief executive of Bond Wolfe, said: “This is a rare opportunity for investors to acquire a highly successful and attractive office building at such an attractive price.
“The building overlooks an attractive canal marina and is an attractive place to work benefitting from a number of local bars, restaurants and gyms, as well as the nearby Copthorne Hotel.
“This is already a popular area for companies to base themselves and it is due to benefit from fresh regeneration with work already under way on the extension of the Midland Metro tram system from Wednesbury to Brierley Hill, which is due for completion by the end of 2023.
“With the Government having given the go-ahead of the HS2 high speed rail link between London and Birmingham, surrounding areas such as Brierley Hill are set to become premium office destinations as the West Midlands undergoes a property boom in the coming years.
“The development of HS2, bringing Birmingham within 50 minutes travel time of London, will bring ever higher city centre office rental prices, in turn driving up rents at developments in the surrounding area.
“The acquisition of Barberry House literally offers canny investors the chance to get in on the ground floor of a regional commercial property market set for substantial long-term growth over the next couple of decades.”
