A RETAIL parade of shops and offices on Bromsgrove’s high street has been sold for £1.3m.
Grosvenor House, which is home to Foto Factory, PDSA, Blue Cross and Cordant People has been bought by Birmingham & Regional Properties (BRP).
The 10,000 sq ft building which occupies 123-129 High Street, generates an annual income of nearly £130,000 and has first and second floor office accommodation, car parking and loading facilities.
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.”
The sale was completed by John Dillon, managing director 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.
He said: “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.
“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.”