Double West Midlands real estate

A London-based real estate group has completed a double deal in the West Midlands.

Ace Liberty and Stone, which is listed on the Aquis Stock Exchange, has sold Bridge House in Dudley for £ 5.1 million.

Bridge House, in Waterfront East, has a 42,841 sq ft office across four floors, overlooking a canal basin adjacent to the Merry Hill Mall.

The 1970s building was leased to HM Revenue & Customs and was acquired by Ace Liberty and Stone in 2014 for £ 4.1 million.

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The real estate group has also acquired Unit M in Hunters Row, Stafford, for £ 1.26 million, which has been leased to budget food retailer Iceland.

It has eight years left on its lease and has a rental income of £ 95,000 a year.

In addition, the company has also completed the sale of properties in Leeds and Plymouth, giving it a total profit of £ 2.8 million on these new sales.

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CEO Ismail Ghandour said: “These property sales provide a profit of almost 35 per cent of the originally paid prices in addition to the very significant rents received over a long period of time.

“The edges from the sale enable a reduction in borrowing, which in turn strengthens the company’s position for future acquisitions and growth.”


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