One of the West Midlands’ leading independent property consultants, Burley Browne, have brokered a deal for a Grade II-listed, Staffordshire city centre building that has been converted into offices and shops.
The three-storey Georgian building at 28-30 Bore Street, Lichfield, was marketed by Burley Browne on behalf of the Standard Life Trustees Company; and was acquired for £875,000 by private investors, who will occupy a proportion of the office accommodation.
Commenting on the sale, Burley Browne’s Associate Director Ben Nicholson said: “We had a huge amount of interest in this historic property, with viewings comfortably into double figures, which led to several strong offers. Ultimately, it was sold for the asking price which was a great result for our client, reflecting current market conditions and the strong demand for freehold opportunities.”
The building has two occupiers in the ground floor retail units and produces a rental income of £30,000 per year. Meanwhile, the upper office features 4,574 sq ft of space.
Ben added: “I wasn’t surprised to see so much interest. It is an excellent, iconic building in a wonderful location. Demand for freeholds in Lichfield is really strong, and on the few occasions they become available, there are always investors queuing up for viewings.
“This sale clearly demonstrates that it is not all doom and gloom when it comes to the office market.”