Independent property company, Hortons’ Estate Ltd has completed the £6.05 million acquisition of a retail warehouse near Wolverhampton.
Hortons’ has purchased the 45,102 sq ft standalone unit, which is located on a 3.3 acre site on Springvale Way in Bilston, just off the Black Country Route.
The site includes a service yard and large surface car parking to the front of the property and an overspill car park to the east side of the unit.
The purpose-built retail warehouse is occupied by Matalan Retail, which recently signed a five-year lease extension until September 2031.
The acquisition marks Hortons’ first major investment of 2022 and continues the expansion of its commercial property portfolio, which features industrial/warehouse, office, retail and leisure properties located throughout the Midlands.
Steve Tommy, head of asset management at Hortons’ said: “This is a well located unit on an established retail estate off the Black Country Route, with connections to the national motorway network. The property is a welcome addition to our portfolio and as one of Matalan’s better performing stores, it has recently committed to the location by signing a long-term lease extension. We look forward to working together in the years ahead.”
Hortons’ was represented by Andrew Benson of Wright Silverwood.