The building, Parham House on the High Street, has already attracted a lot of interest despite only just coming on to the market, according to property agent Bond Wolfe, which is handling the sale.
The freehold five-storey property currently has three retail units and offices benefitting from permitted development rights for change of use to residential. Further potential for redevelopment or change of use is subject to planning permission from Sandwell Council.
At the moment the property is arranged to provide three ground floor retail units together with 30,444 square feet of office accommodation over part of the ground floor and four upper floors.
The property sits on an approximate site of 0.333 hectares (0.823 acres). Two of the retail units are empty while the third, trading as a convenience store, is let until May 2021. The rest of the complex is vacant.
The property is located in a prominent position on the west side of the High Street close to the junction with Guns Lane, opposite a recently refurbished Lidl supermarket, another factor that could make it attractive to residential developers.
West Bromwich town centre has undergone a large amount of regeneration over recent years from both public and private investment and the property is situated within the regeneration area.
The property could provide a big investment opportunity for the right buyer as changing from office to residential use has become a much easier process due to recent government changes in legislation. It could also provide much-needed new housing for West Bromwich town centre.
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