Prominent West Bromwich office building to go in next auction
New owners could look at converting the Victoria House office building in West Bromwich town centre into homes if a deal is sealed at Bond Wolfe Auctions’ next online sale event on Wednesday 28 October.
The prospect of converting the three-storey block of offices and shops, at 290-292 High Street, has been raised as the property is listed for sale with a guide price* of £665,000+.
Victoria House is currently listed as an “office investment property”, but Ian Tudor, Bond Wolfe Auctions’ managing director, said: “The building offers potential for residential conversion, subject to planning permission and the current lease expiring.”
At present the 6,700 sq ft property generates rental income of £57,204 per annum from tenants including Connells Residential, LA Tutoring and The Net internet café, but the second floor and rear of the first floor are currently vacant. When fully let the building has the potential to generate £75,210 per annum in rental income.
Victoria House was purpose-built as retail and office space and occupies a prominent position on the High Street, opposite the Astle Retail Park and a short walk from the town’s main pedestrianised shopping centre.
Mr Tudor added: “West Bromwich is becoming an increasingly popular commuter area and Victoria House is also close to the new Tesco-led New Square retail and leisure development, as well as the town’s main business and banking quarter.
“With such a competitive guide price we are expecting considerable interest from property investors and those with an eye on the future possibilities of both this building and the wider area.
“This is just one of an increasing number of commercial lots coming to the auction market, with more vendors committed to move certain assets on and an increasing number of enthusiastic buyers entering the market.”
October’s event, he said, “is the busiest auction for commercial lots we have ever held.”
In 2020, the year to date, Bond Wolfe Auctions has sold 685 lots raising £72.5 million.
Bond Wolfe Auctions’ next online auction on Wednesday 28 October is livestreamed via the website at www.bondwolfeauctions.com with remote bidding by proxy, telephone and internet only.
Anyone interested in the auctions or with properties for sale in future auctions should contact email@example.com or call 0121 312 1212.