Priest House, Priest Street, Halesowen, West Midlands, B64 6JN

Key Features

21 Residential Apartments being (9x 1 Bed and 12x 2 Bed apartments)
Ground Floor commercial unit let as an NHS GP Surgery
Telecom Mast Income
Total Passing Income £217,300 per annum exclusive
23 Car Parking Spaces
Significant asset management potential
Site Area – 0.323 Acres

Property Description

Priest House represents an attractive mixed-use investment opportunity providing a strong and diversified income stream, underpinned by a government-backed tenant and well-established residential accommodation.

The property comprises a substantial freehold building arranged over ground and four upper floors, providing a total of 21 self-contained residential apartments together with a ground floor commercial unit. The commercial accommodation is let to an NHS GP surgery with the residential element comprises 21 flats, all of which are income producing and collectively generate £177,300 per annum. The apartments are well established within the local rental market and benefit from strong ongoing demand given the property’s convenient position within Old Hill and proximity to local amenities and transport links.
In addition, the property benefits from telecommunications income derived from a roof-mounted telecoms installation, producing £5,000 per annum.

A notable feature of the investment is the freehold car park located directly opposite the building, which provides 23 allocated parking spaces.

Tenure

The property is held freehold under title number WR6944

Terms

We are instructed to seek offers in excess of £2,600,000 subject to contract.

A purchase at this level would provide an initial yield of approximately 8.00 % assuming usual purchaser's costs at 5.10%.

VAT

The property is elected for VAT. However, it is anticipated the sale will be treated as a TOGC.

Legal Fees

Each party are to be responsible for their own legal costs incurred during this transaction.

Tenancy Schedule

Available on request.

Location

Priest House is located on Priest Street in the established commercial area of Cradley Heath, within the Metropolitan Borough of Dudley.

The property sits in a well-connected part of the Black Country, approximately 10 miles west of Birmingham city centre and 6 miles south of Wolverhampton.

The immediate surroundings comprise a mix of offices, trade counter units, light industrial premises, and supporting retail uses, creating a practical and active business environment.

Priest House benefits from convenient access to local services and public transport links, with nearby parking and servicing facilities typical for properties of this nature.

Cradley Heath benefits from strong road connectivity, with the A4036 providing direct access to the A459 and onward links to the M5 motorway at Junctions 2 and 3, offering efficient regional and national transport connections.

Cradley Heath railway station is within close proximity, providing regular services to Birmingham New Street and Worcester.