An encouraging recovery in the Black Country commercial property market is spearheaded by increasing activity in West Bromwich, according to a leading firm of commercial property agents.
Demand for space has intensified in five key commercial centres in the town and demand for retail space is currently strong as well, said James Mattin, managing partner of Bond Wolfe.
TGB Learning, a leading company in the post-16 learning sector has taken 8,789 sq ft of space at Landchard House, Victoria Street, on a five-year lease at a passing rent of £92,190 pa.
There is further space available in this commercial centre, which is undergoing a complete programme of refurbishment, and we have strong interest on the first and second floors.
Another education company, Kip MacGrath, has taken space on the first floor of the Old Post Office building that was refurbished and converted into offices last year.
The learning company joins Potters House Christian Fellowship, which has taken the entire ground floor of 4,750 sq ft at £37,000 pa. Some space remains available on the second floor of this landmark building.
At Victoria House in the High Street the Terrence Higgins Trust has taken over the first floor of 1,750 sq ft at a rent of £18,375 pa.
Sandwell Mental Health Trust has signed up to take the first and second floors of the refurbished three-storey Metro Court, also in the high street.
This comprises 17,725 sq ft and has been let on a 15-year lease at £221,562 pa. We are in negotiations for a let on the remaining third floor.
“We have completed a number of short-term lets on small and individual office units, including part-serviced office space at WestPlaza,” said Mr Mattin.
“There is strong demand for this type of letting and we are able to provide quality individual units with the benefit of on site facilities at a number of locations.”.