A major freehold investment opportunity in the West Midlands has been launched to the market, with property consultants Graham + Sibbald and joint sole agents Bond Wolfe who have been appointed to market the landmark West Plaza property at 144 High Street, West Bromwich.
Strategically positioned close to Junction 1 of the M5 motorway, the substantial mixed-use property comprises a 107-bedroom hotel alongside office accommodation extending to approximately 93,582 sq ft across ten floors, with onsite car parking.
Currently 93% let and generating an annual income of £1,421,200 exclusive, the asset presents investors with an excellent income-producing opportunity alongside significant long-term development potential, subject to planning permission.
Key occupiers include Vine Hotels and Sandwell College. Vine Hotels operates a nationally recognised hotel portfolio with partnerships including IHG, Hilton, Accor and Best Western, while Sandwell College is one of the region’s leading further education providers, serving communities across Sandwell and the wider Black Country.
Martin Davis, Senior Director at Graham + Sibbald, said: “West Plaza represents a rare opportunity to acquire a substantial freehold asset in a highly accessible Midlands location with strong existing income and future asset management potential. The combination of established tenants, excellent transport connectivity and possible alternative uses makes this an attractive proposition for a wide range of investors, speculators and developers.”
The property is also considered to offer strong future redevelopment potential. Owing to local housing demand and planning policy factors linked to the Sandwell Housing Delivery Test, the site may be suitable for alternative uses including residential conversion or redevelopment, subject to obtaining the necessary consents.
James Mattin, Managing Director and Auctioneer at Bond Wolfe, added: “Opportunities of this scale and prominence in West Bromwich are increasingly rare. Given the strong annual income together with the potential for future residential or mixed-use redevelopment, we expect significant interest from regional and national investors.”
Offers in excess of £6,250,000 are being sought for the freehold interest in the property, subject to the existing tenancies.
