Independent property company, Hortons’ Estate Ltd has made its second major acquisition in the space of a few weeks.
The Birmingham-based firm has completed the off market purchase of Izons Industrial Estate, a 122,624 sq ft multi-let industrial estate on Oldbury Road, West Bromwich.
The deal continues the expansion of Hortons’ commercial property portfolio and follows its recent £6.05 million purchase of a retail warehouse in Bilston, let to Matalan Retail and a 48,813 sq ft retail warehouse at Coventry Business Park.
Izons Industrial Estate lies in a core industrial location centred between West Bromwich and Oldbury town centres and just a few miles from junctions 1 and 2 of the M5.
Extending to 2.42 hectares, the property comprises 25 single storey industrial/warehouse units and is home to established tenants including JBR Recovery Ltd which occupies 35,000 sq ft.
Steve Tommy, head of asset management at Hortons’ said: “We are very pleased to have secured an investment in a sector that continues to perform strongly. Izons Industrial Estate is a well established, multi-occupied industrial estate in a prominent location and complements our growing property portfolio. Hortons’ is an acquisitive business and we will continue to look for other suitable opportunities within the region.”
Mark Johnson of MK2 acted on behalf of Hortons’. He said: “MK2 are delighted to have been able to advise Hortons’ on this off market acquisition. Izons industrial estate is a well known and established estate in the heart of the Black Country with lots of potential for further improvement going forward.”
Izons Industrial Estate was marketed by Harris Lamb and Sellers.