Historic Building Changes Hands in £875,000 deal
A historic Grade II Listed Building, converted into offices and shops, in a Staffordshire City Centre has been acquired in a £875,000 deal brokered by Burley Browne.
The three-storey Georgian building at 28-30 Bore Street, Lichfield, was marketed by Burley Browne on behalf of the Standard Life Trustees Company.
The freehold has been acquired by private investors, who will occupy a proportion of the office accommodation.
Associate Director - Ben Nicholson commented "We had a huge amount of interest in this historic property, with viewings comfortably into double figures, which led to several strong offers. Ultimately, it was sold for the asking price which was a great result for our client, reflecting current market conditions and the strong demand for freehold opportunities."
Ben added "I wasn't surprised to see so much interest. It is an excellent, iconic building in a wonderful location. Demand for freeholds in Lichfield is really strong and on the few occasions they become available, there are always investors queuing up for viewings.
This sale clearly demonstrates that it is not all doom and gloom when it comes to the office market."
The building also has two occupiers in the ground floor retail units, producing rental income of £30,000 per year with agreed incremental increases during the term of the leases. The upper floor office accommodation extends to 4,574 sq ft.
Burley Browne is one of the West Midlands leading independent commercial property consultants. It provides a comprehensive range of commercial property services to a wide variety of clients. These include private individuals and small businesses, through to pension funds, banks, property investors and developers, multi-national companies and national retail and leisure operators.
From its Sutton Coldfield Head Office, Burley Browne is unique in providing specialist knowledge of the North Birmingham and Staffordshire areas (which include Sutton Coldfield, Lichfield, Tamworth and Walsall), whilst also serving the wide West Midlands region.