Office block at The Waterfront, Dudley, for sale at auction

Admiral House, on Waterfront East at the Waterfront Business Park, off Level Street, is listed for sale with Bond Wolfe Auctions with a guide price of £1,050,000+.

The long leasehold property, which currently generates rental income of £95,021 per annum from its two occupiers, is set to go under the hammer in a live-streamed auction on Thursday July 13.

Ian Tudor, commercial auction director at Bond Wolfe, said: “This is a significant investment opportunity within the attractive Waterfront development, with approximately 116 years of the long leasehold remaining.

“These are modern, well-presented office buildings in two sections on the ground floor but connected at first floor level, with self-contained accommodation over both floors extending to 11,075 sq ft.”

Canal view from Admiral House at Waterfront Business Park (Image: Bond Wolfe Auctions)

Admiral House is currently leased to Blackthorns Chartered Accountants and Juniper Training.

Blackthorns has a spacious ground floor reception area, two meeting rooms, male and female WCs, staff break-out area with kitchen facilities, and a filing area. On the first floor there is a large open plan office, with four meeting rooms.

Juniper Training also has a ground floor reception area, male, female and disabled WCs, break-out/kitchen area and a range of meeting/lecture rooms with light glazed partitioning. On the first floor there are further WCs, more meeting and lecture rooms and a kitchen.

Mr Tudor said: “The 150-year long leasehold came into effect from March 25 1989 and has approximately 116 years unexpired subject to a peppercorn rent of £1 payable annually on 30 March.

“Blackthorn’s nine-year lease runs from February 21 this year until 2032 at a current rent of £44,000 per annum, with a provision for a rent review on 21 February 2028.

“Juniper Training has been a tenant since 2018 and recently signed a lease renewal for a further six years from October 2 2023 at a current rent of £51,021 per annum, with provision for a rent review on October 1 2026.”

Admiral House is one of 185 properties set to feature in the next sale.

The auction, which starts at 9am, will be livestreamed via Bond Wolfe’s website with remote bidding by proxy, telephone or internet.

For more details or to register to bid visit www.bondwolfe.com/property-auctions-west-midlands/ or email auctions@bondwolfe.com, or call 0121 3121212 or 01902 928510.