A London-based property 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 42,841 sq ft of office space across four storeys, overlooking a canal basin adjacent to the Merry Hill shopping centre.
The 1970s building is let to HM Revenue & Customs and was acquired by Ace Liberty and Stone in 2014 for £4.1 million.
BusinessLive is your home for business news from across the West Midlands including Birmingham, the Black Country, Solihull, Coventry and Staffordshire.
Click through here to sign up for our daily email newsletter and also view the broad range of other bulletins we offer including weekly sector-specific updates.
We will also send out ‘Breaking News’ emails for any stories which must be seen right away.
For all the latest stories, views and polls, follow our BusinessLive West Midlands LinkedIn page here.
The property group has also acquired Unit M in Hunters Row, Stafford, for £1.26 million which is let to budget food retailer Iceland.
It has eight years remaining on the lease and has a rental income of £95,000 per year.
In addition, the company has also completed sales of properties in Leeds and Plymouth, giving it a total profit of £2.8 million on these new sales.
Chief executive Ismail Ghandour said: “These property sales yield a profit of nearly 35 per cent on the prices originally paid in addition to the very substantial rents received over a long period.
“The cash from the sales enables a reduction in borrowing which in turn strengthens the company’s position for future acquisitions and growth.”