Bond Wolfe buys Worcester flagship office building from the receiver.
The building was formerly the offices of Kays, the catalogue company, and it occupies a prominent position on The Tything in the centre of the city.
Joint administrative receiver Nigel Price, of Moore Stephens, said: "We had many offers for this particular building and we are delighted to have secured a sale to a Midland investor of strength and substance such as Bond Wolfe."
Bond Wolfe has paid pounds 1.2 million for the 6,224 sq ft building of which some 3,200 sq ft is let to Clydesdale Bank on a ten-year lease.
Two of Mr Grinnall's companies crashed with debts totalling more than pounds 13 million, pounds 11 million of which was owed to banks and the rest to sub-contractors and other businesses.
The purchase of K2 out of the administrative receivership of Neil Grinnall Properties is Bond Wolfe's first move into Worcester and one that managing director Rory Daly said was long overdue.
"We have had our eye on the Worcester market for some time and were merely waiting for the right opportunity.
"I have to say that the quality of build and finish at K2 is exceptional and we are very pleased to have been able to acquire such an excellent investment," he said.
But when Neil Grinnall Properties folded, Moore Stephens inherited a building that was far from finished and was still in shell form. Mr Price, who was joint administrative receiver with Mark Bowen and David Rolph, said: "In order to make K2 a viable proposition, we decided to continue with the build-out and we are very pleased to have been able to secure a sale of what is undoubtedly now a quality office building."
Mr Daly said the Worcester office of property agents Humberts had been appointed as joint agents along with their own Bond Wolfe agency team to let the remainder of the space which totals 3,000 sq ft.
Andy Richards, commercial banking business partner at Clydesdale Bank which is based in the K2 office building in Worcester, with Rory Daly,managing director of Bond Wolfe, the new owners