Commercial agents at Harris Lamb have sold the freehold of an industrial building in Aston for more than £1 million as occupiers actively seek the opportunity to own their own front door.
The 19,748 sq ft detached warehouse, Unit 70 on Church Road, attracted a significant amount of interest from potential purchasers keen to own a freehold property in a prominent central location.
Positioned just off the busy Lichfield Road, home to numerous trade counter occupiers, the building lies within half a mile of the Aston Expressway, providing convenient access to the UK motorway network, and is just a mile-and-a-half away from Birmingham City Centre.
The property, which has front and rear loading, ground- and first-floor office accommodation, working heights ranging from 2.50 to 3.80m and car parking, was purchased by an undisclosed buyer for over £1.3 million.
Tom Morley, who oversaw the sale, said: “This is a significant sale within the region. Freehold industrial opportunities are extremely rare, and despite concerns over increasing interest rates leading to some reticence from buyers, this particular property attracted a great deal of interest from those parties willing to take their chances on further hikes in order to secure it.
“This is the second industrial sale we’ve overseen in Aston within a month, so it’s clear that there is some confidence that the economy has stabilised and that the area is one to capitalise on as the ongoing stock shortage within the West Midlands shows no sign of abating,” he said.
Earlier this month, the business sold a 5,921 sq for industrial property on Windsor Industrial Estate in Aston for £800,000.
“The amount of interest generated by both of these opportunities demonstrates the strong appetite from buyers seeking to own rather than lease, and all signs are positive for the sector moving forward into 2024, with a number of parties actively seeking industrial properties for sale within the Birmingham area,” added Tom.
