Belbroughton freehold office sales underline demand for courtyard office space
KWB’s Birmingham commercial property agents have sold two courtyard freehold offices for sale in Belbroughton, equidistant between Bromsgrove and Kidderminster in Worcestershire, underlining the demand for freehold offices for sale.
Acting on behalf of a private pension fund client, Malcolm Jones in KWB’s office agency team, sold the freeholds of a 2,752 sq ft office unit, and of a 1,411 sq ft office unit at Mill Pool, Nash Lane, Belbroughton, Worcestershire at a quoting price of £185 per sq ft.
Existing tenant, recruitment firm, M&E Global Resources Ltd acquired the freehold of the larger unit, while Ashdale Investments Ltd bought the freehold of the vacant smaller unit, which it subsequently let to a local occupier following an office refurbishment.
Mill Pool is a courtyard office development made up of seven self-contained, purpose-built freehold offices, providing high quality office space over two floors in the affluent village of Belbroughton, located just three miles from Junction 4 of the M5.
Malcolm Jones said: “These properties had a very high degree of interest, and their sale demonstrates once again the strength of demand for small office freeholds throughout Worcestershire, driven by the desire of business owners to own their office space, and by investors to acquire office space for the around 8% return they can expect.
“Courtyard offices are particularly sought after. In fact, there is a real pent-up demand for office space in these developments across the West Midlands, which has pushed up prices by more than 20% in the past two years and made it worthwhile for developers to start building again.”
Having acted as agent for well in excess of 20 courtyard schemes at KWB, Malcolm has identified that it’s offices between 1,500 sq ft and 3,500 sq ft that are most highly sought after.
Malcolm continued: “Most business owners are looking to take advantage of acquiring their office building through an individual or directors’ pension fund, via a Self-Invested Personal Pension (SIPP) scheme or a Small Self-Administered Scheme (SSAS). Taking into account the borrowing limits, offices of up to 3,500 sq ft are still generally affordable, especially as the banks are willing to lend and interest rates remain low.”
KWB advises landlords with vacant offices in their portfolio, in this 1,500 sq ft – 3,500 sq ft bracket, to get in touch with KWB to discuss property positioning. Considering a freehold offering to potential occupiers could result in an excellent return on investment.
Further information is available from Malcolm Jones at KWB on 0121 233 2330 or email mjones@kwboffice.com, or via the website.
