Commercial property agency KWB has sold the freehold of two courtyard office units in Belbroughton, near Bromsgrove, underlining the demand for freehold courtyard office space.
Acting on behalf of a private pension fund client, Malcolm Jones in KWB’s Office Agency Team, sold the freeholds of a 2,752 sq ft office unit, and a 1,411 sq ft office unit at Mill Pool, Nash Lane, Belbroughton, at a quoting price of £185 psf.
Existing tenant recruitment firm M&E Global Resources Limited acquired the freehold of the larger unit. Ashdale Investments Ltd bought the freehold of the vacant smaller unit which it let following a refurbishment.
Mill Pool is a courtyard office development made up of seven self-contained, purpose-built office buildings, providing quality accommodation over two floors in Belbroughton, three miles from Junction 4 of the M5.
Malcolm said: “These properties had a very high degree of interest and their sale demonstrates the strength of demand for small office freeholds throughout Worcestershire, driven by the desire of business owners to own their office accommodation, and by investors to acquire office space for the around 8 per cent return they can expect.
“Courtyard offices are particularly sought after. There is a real pent up demand for space in these developments which has pushed up prices by more than 20 per cent in the past two years and made it worthwhile for developers to start building again.”