Commercial property experts at Bond Wolfe have sold a substantial office development to West Midlands Police for the new Dudley police headquarters.
The property on Castlegate Business Park has been purchased by West Midlands Police for £3,350,000.
The 21,375 sq ft building of Grade A accommodation on a 1.45 acres site is currently let until November 2024 to Towergate Underwriting Group, trading as Footman James, on a passing rent of £288,000, equating to a net yield of 8.07%.
The site has 98 parking spaces.
James Mattin, managing director Bond Wolfe, said: “This is a highly prominent two storey modern headquarters building.
“We are delighted to have concluded this sale as part of a very successful year for Bond Wolfe. Following the sale of their previous headquarters, we are delighted that West Midland Police chose Castlegate as the location for their new Dudley station.”
He added that this was another example of Bond Wolfe’s successful repurposing of large offices buildings, citing the sale of York House in Birmingham for £3.8 million to a London-based education provider as a powerful example this year.
Kenny Allen of surveyors KWB represented the purchaser who was advised by law firm Clarke Willmott in Birmingham. West Bromwich law firm CBTC acted for the seller.