News

A mixed-use office and retail scheme in Bromsgrove has been sold in a deal worth £1.3m

Grosvenor House is a 10,148 sq ft purpose-built retail parade of four ground floor shop units with first and second floor office accommodation, car parking and loading facilities. It generates an annual income of £128,338.

The building, which occupies 123-129 High Street, is situated in the town’s main shopping thoroughfare close to Argos, Halifax Building Society, Specsavers, Subway, NatWest Bank, Burtons/Dorothy Perkins, M & Co and Bromsgrove’s main Post Office.

It has been acquired by Birmingham & Regional Properties.

The sale was completed by John Dillon, managing diurector of commercial property consultancy GJS Dillon, on behalf of a private client.

Mr Dillon, whose firm has offices in Bromsgrove, Droitwich and Worcester, said Bromsgrove was a favourite for investors because of the town’s strong offering.

“The whole of the centre of Bromsgrove has benefited from a recent investment and regeneration programme, including the development of a Waitrose supermarket and an Extra Care Village,” he said.

“As a well-positioned investment property with some strong covenants, Grosvenor House attracted good interest from local and national investors. The new owners will benefit from the recent improvements to Bromsgrove High Street, as well as the town’s on-going attraction as one of the best places to live in the West Midlands.”

Charles London, managing director of BRP, said: “Grosvenor House is an ideal addition to our growing portfolio. The property is located in a prime pitch and offers excellent opportunities for further asset management. We are delighted to be investing in the town of Bromsgrove which is currently undergoing significant regeneration and the company will look to acquire similar opportunities in the coming months.”