A mixed-use office and retail complex in West Bromwich has been sold for £1.45 million.
Parham House, which has outline planning permission for conversion to residential, has been acquired by an unnamed developer.
Black Country commercial property agency Bond Wolfe sold the building in High Street at auction.
Bond Wolfe managing director James Mattin said: "The property was sold on behalf of London-based owners to a property developer.
"The developer will now seek to implement the 47-unit scheme that benefits from permitted development rights.
"Interest in Parham House exceeded all expectations and this is clearly driven by the demand for unloved office buildings with permitted development rights.
"It provides an opportunity to redevelop a building no longer considered fit for purpose and will enhance that part of the High Street immensely."