The property on a prominent corner at 215 Walsall Road, in the Stone Cross area, has been bought by investment firm KB1 Properties Limited for £500,000.
James Mattin, managing director and auctioneer at Bond Wolfe, explained that the property was currently generating rents of more than £38,000 a year and said: “This is healthy investment property that made a very attractive prospect for the new owner.
“The ground floor retail space is let at a passing rent of £21,500 per annum to Forces Support Limited, a national charity dedicated to supporting bereaved service families and helping veterans rebuild their lives.
“The two first floor flats, which both have two bedrooms, are each let on assured shorthold tenancies producing another £16,800 per annum, which means the total current income is £38,300 a year.”
The ground floor retail unit extends to approximately 2,500 sq ft and has two separate accesses, with gas central heating, double-glazed windows and a new roof, plus a kitchenette and toilet at the rear.
A side door leads to a recently refurbished basement cellar, providing excellent storage or additional office facilities.
To the rear of the shop, accessed at the back of the property, is the separate self-contained office that is currently vacant, with its own basement cellar and toilet facilities.
The property, which has car parking available to the side and rear, lies at the junction of the main A431 Walsall Road and Charlemont Road,
Enoch Evans Solicitors, which has offices in Walsall, Sutton Coldfield and Cannock, acted for the buyer, while the seller was advised by Heritage Solicitors of Handsworth, Birmingham.
