Commercial property agents Bond Wolfe have sold a Stourbridge industrial estate that has been in the same family hands for 30 years.
Cridden Industrial Estate, Dudley Road, Stourbridge has been acquired by Wilton Trust, a London-based family fund company, for £1,115,000, representing a net initial yield of 5.4%.
The seller was Messrs R.A & S Baylie, a family landlord company that has owned and managed the estate for the past 30 years and was seeking to release capital.
The freehold industrial site on approximately 0.75 acres comprises five industrial units totalling 22,771 sq ft with a large car park in front.
The estate was marketed as part income producing with annual revenue of £63,750 but could provide a potential income of £90,000 per annum.
James Mattin, managing director agency at Bond Wolfe, said: “This industrial investment received lots of demand and as a result we had an extensive list of buyers who were keenly interested.
“This is reflective of both the industrial and income-producing investment markets at this present moment, with both being extremely popular.
“Stock is therefore particularly hard to come by for potential buyers and agents alike. As well as the income being produced by this multi-tenanted estate, where many of the tenants are long-standing, other strengths lie in its ability to produce income from an array of tenants, who operate in range of industries, thereby insuring itself from potential dips in the future.
“There is further potential to grow the income at this estate through asset management.”
The sellers were represented by Wall James Chappell Solicitors in Stourbridge, and Spratt Endicott Solicitors in Banbury acted for the buyer.
