West Midlands industrial estate acquired in joint venture

Beldray Industrial Estate, a 3.4-acre site in Wolverhampton, has been acquired as part of joint venture between Colmore Capital and Stanhope Capital Partners.

The industrial estate is home to four “detached, fully-let industrial units” totalling 83,527ft².

David Corridan, Managing Director at Colmore Capital, said: “We are delighted to conclude the acquisition of Beldray Industrial Estate, which offers significant reversionary potential and numerous asset management opportunities.

“The demand for small to medium-sized industrial units in established urban locations remains robust, which should support continued rental growth.

“Where possible, we will seek to improve the energy efficiency and sustainability of the units, making them more desirable to the occupiers by allowing them to not only reduce costs, but also their carbon footprint.”

This comes after Colmore Capital completed the sale of its assets in Rugby, Warwickshire and Aston, Birmingham. Its unit, Swift 34, in Rugby had an initial asking price of £4.6m (representing a net initial yield of 5.2%) while its Aston property, AMH55, was “acquired for in excess of the £3.5m asking price” (reflecting an initial yield of 6.1%).

Frontier Development Capital, Savills, and Irwin Mitchell assisted with the acquisition of Beldray Industrial Estate.

Source: logisticsmanager.com