Historic Bromsgrove office building set to attract bidders in upcoming auction
A late Tudor office building in Bromsgrove is up for auction next month.
The Grade II listed office investment at 1 High Street has been let to a well-known regional law firm for more than a quarter of a century and will have an attractive guide price of £250,000+ at the livestreamed auction on Thursday 16 May.
Ian Tudor, commercial auction director at auctioneer Bond Wolfe, said: “This is a prime freehold town centre office investment with a long-standing tenant in mfg Solicitors.
“It is currently generating annual rental income of £24,500 per annum.
“The property comprises an attractive Grade II Listed building providing three floors of office accommodation, well presented throughout and consisting of a mixture of cellular office space, meeting rooms and open plan areas.
“There is a car park to the rear of the premises, with parking for approximately six cars. The property forms part of a larger occupancy for mfg Solicitors and is linked to the adjoining property, 4 St John Street, which is occupied by mfg but does not form part of this sale.”
1 High Street is one of the few remaining Tudor buildings remaining in the centre of Bromsgrove, a popular and affluent Worcestershire town that can trace its origins back to Saxon times.
The property sits at the junction of High Street, St John Street, Market Place and Worcester Road. A double gable, timber-framed building, it dates to around 1600.
It extends to 1,744 sq ft of space, with 758 sq ft on the ground floor, 777 sq ft on the second floor and 209 sq ft on the second.
The building occupies a prominent position in a well-established shopping area. There is an excellent mix of local independent and national operators such as Waitrose, Wetherspoons, WH Smith, mixed with banks, local estate agents and other office uses.
The property is freehold, subject to a lease for ten years from 21 March 2017 to mfg Solicitors which expiring in March 2027.
The tenant has occupied the premises for more than 25 years, having first taken occupation in 1997.
Mr Tudor added: “This is an attractive property with an excellent well established tenant. It is a prime example of the high quality properties that regularly appear in our auctions, attracting high levels of interest from investors from across the UK and overseas.”
The Bromsgrove office building is among scores of lots that are appearing in Bond Wolfe’s next auction, which will start at 9am on Thursday 16 May.
