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A 107-bedroom hotel investment in West Bromwich has been brought to the market with an asking price in excess of £6.25m.
The hotel is situated within West Plaza, a prominent 10-storey mixed-use building at 144 High Street, which also includes approximately 93,582 sq ft of office accommodation.
The property is currently 93% let and generates a total annual rental income of £1.42m. The hotel element is operated by Vine Hotels, a national hospitality group that manages a portfolio of branded and independent venues across the United Kingdom.
Other major occupiers at the site include Sandwell College.
Located near Junction 1 of the M5 motorway, the freehold asset is being marketed as a “high-yield” investment with potential for future redevelopment.
The building was constructed in 2010 and includes onsite car parking for guests and tenants.
The sale is being managed by property consultants Graham and Sibbald in conjunction with joint sole agents Bond Wolfe. The freehold interest is being offered subject to the existing tenancies.
Martin Davis, senior director at Graham and Sibbald, said: “West Plaza represents a rare opportunity to acquire a substantial freehold asset in a highly accessible Midlands location with strong existing income and future asset management potential.”
James Mattin, managing director and auctioneer at Bond Wolfe, added: “Opportunities of this scale and prominence in West Bromwich are increasingly rare. Given the strong annual income together with the potential for future residential or mixed-use redevelopment, we expect significant interest from regional and national investors.”
