West Bromwich | Investment Property for Sale | VES-B70-001

Opportunity to purchase a 47 unit block in West Bromwich with the potential to generate 6.4% gross yield

£7,560,000

47-unit block

VES-B70-001

INITIAL INVESTMENT

£2,199,000

Based on

deposit: £1,890,000

stamp duty: £260,500

mortgage fees: £1,500

conveyancing fees: £47,000

GROSS RENT

£484,900

GROSS YIELD

6.4%

ADD TO FAVOURITES

The block

TENURE

Freehold

NO OF UNITS

47

TENANCY STATUS

Vacant

FURNISHED

No

TOTAL SQ FT

37,394

PRICE SQ FT

£202

Please note that this is an off-market opportunity that is available to qualified buyers only.

Please get in touch and quote the reference number above to speak to a member of our sales team who can advise on the information that will be required from you in order for us to be able to share more detailed and confidential information related to the opportunity.

Opportunity to acquire a permitted development scheme in West Bromwich, with a targeted practical completion date of January 2021.

The block comprises 47 apartments, with freehold, one commercial unit and 15 car parking spaces, broken down as follows:

  • 33 x 1-bed decks (616 average sqft)
  • 6 x 2-bed decks (936 average sqft)
  • 6 x 2-bed apartments (667 average sqft)
  • 1 x 1-bed penthouse (872 sqft)
  • 1 x 2-bed penthouse (1,001, sqft)
  • 1 x commercial unit with use class C1 (5,651 sqft)
  • 15 x car parking spaces

Total residential gross internal area is 31,743 sqft. The commercial unit is on the ground floor, along with the car parking spaces, with the residential dwellings spread over floors 1-4.

The total estimated gross rental income of the scheme is £40,408 pcm (£484,900 pa), of which an estimated £8,333 pcm (£100,000 pa) is attributable to the commercial unit. These rental estimates are based on information provided by JH National.

Ground rent to the freeholder is estimated at £7,228 pa.

The scheme is attractively located in the town centre of West Bromwich, within easy reach of many local amenities and retail shopping outlets. West Bromwich is undergoing significant regeneration and investment; it was recently named as one of 20 cities selected in the UK for a Government pilot scheme aimed at improving town centres and recently received £25 million of investment from the £3.6 billion Towns Fund.

West Bromwich is a well situated market town in the West Midlands. It lies approximately 6.4 miles northwest of Birmingham, which can be reached via the A41 (15 minutes drive) or via tram which runs through the town centre (17 minutes travel time). It lies several miles south of where the M5 and M6 meet (providing excellent transportation links to the South West and North) and Birmingham Airport is around 16 miles away. The West Midlands is also a key beneficiary of the increase in infrastructure investment that was announced in the 2020 Spring Budget, with an allocation of £4.2 billion for intra-city transport, £700 million on strategic road schemes and £20 million on rail hubs, which comes on top of the greenlight for the construction of HS2 which is also expected to bring significant economic activity to the region.

Vendor is seeking offers in the region of £7,560,000.

Documents available on request, please contact for viewings or further questions.

The information relating to this property is supplied by the vendor and was the latest available information at the time of listing. Certain information may expire or become inaccurate over time.

Vesta makes no warranty as to the accuracy or completeness of the property listing or any associated information. All information should be reviewed by the purchaser and their solicitor.

About West Bromwich, West Midlands

West Bromwich is a market town in the West Midlands and lies around 6.5 miles north-west of Birmingham. The town is in an area known as the Black Country, which is naturally rich in ironstone and coal. The town was once a centre for coal mining, brick making, the iron industry and metal trades.

The West Midlands is also a key beneficiary of the increase in infrastructure investment that was announced in the 2020 Spring Budget, with an allocation of £4.2 billion for intra-city transport, £700 million on strategic road schemes and £20 million on rail hubs, which comes on top of the greenlight for the construction of HS2 which is also expected to bring significant economic activity to the region.

West Bromwich is very well connected with the M5 and M6 motorways passing by, as well as 7 tram stops of the Midland Metro light rail. The closest mainline railway station is Sandwell & Dudley in nearby Oldbury and is on the Birmingham Loop of the West Coast Main Line. Train services run to Wolverhampton and Walsall via Birmingham New Street and Aston, and Shrewsbury, as well as Glasgow Central, Edinburgh Waverley via Crewe & Preston, and London Euston via Birmingham New Street, Birmingham International, Coventry and Milton Keynes Central.

The closest airport is Birmingham Airport which lies around 16 miles away and can be reached by car, by tram to Birmingham New Street and by train to Birmingham International.

Parts of Sandwell Valley Country Park and Sandwell Valley RSPB nature reserve are located in the West Bromwich area, making both a perfect location for walking and bird watching. Sandwell Park Farm and Forge Mill Farm are also open to the public.

There are a number of shopping destinations within West Bromwich, such as the Hight Street, New Square, Kings Square Shopping Centre, Queens Square Shopping Centre, Astle Retail Park as well as two markets. One is in the High Street and the other in Kings Square Shopping Centre.

Sandwell College is the largest educational provider in town. The college offers A-level programmes and has facilities to train aircabin crew as well as a dental surgery to train dental nurses. It also offers a number of apprenticeships and Higher Education programmes. Other schools include Phoenix Collegiate Academy, George Salter Academy and Q3 Academy. There are 5 secondary schools and 21 primary schools in town.

Point of reference - not exact location,

West Bromwich,

West Midlands,

England,

B70 7AW

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