A landmark office block has been earmarked for redevelopment after being snapped up in a £4 million deal.
Intersection House, which is located off junction one of the M5 near West Bromwich, has been bought by Claremont Property Group on behalf of Birmingham-based developer Beyond Property Group.
The ten-storey building was previously occupied by construction group Interserve and has been vacant for nearly 18 months.
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Now a planning application has been submitted for a residential-led scheme at the site, which extends to approximately 75,000 sq ft over nearly two acres with 320 car parking spaces.
Andrew Robinson, business development manager at Claremont, said: "This is a highly prominent site that we have had our eye on for some time and so we are thrilled to have now secured the property for Beyond.
"We've worked hard to put together and submit a scheme which will bring much needed housing to the area."
Beyond Property Group co-founder Deepak Kabra said: "Our purchase of Intersection House will be a great addition to our current portfolio.
"It's a landmark site with great historic significance on the M5 corridor and is a gateway to Birmingham and West Bromwich.
"We are currently developing the design with our team of consultants to create a unique mixed-use scheme on this prime location. We’re looking forward to unveiling our plans soon."
Global real estate advisor Colliers agreed the deal for the block and nearly an acre of land to the west of the building on behalf of LPA receivers and Interserve as joint vendors.
Nick Hammond, head of advisory and restructuring at Colliers, said: "This building is instantly recognisable for those arriving into the West Midlands via the M5 and its impressive scale offers significant redevelopment opportunities for commercial and residential uses.
"It's great that the site will now be redeveloped to suit the needs of the local community and I am excited to see how this progresses."
