Midlands-based property investor, Colmore Capital, has acquired an 85,000 sq ft multi-let industrial estate in Wolverhampton; the first in its new joint venture with Stanhope Capital Partners.
Beldray Industrial Estate comprises four detached, fully let industrial units totalling 83,527 sq ft across 3.4 acres. The site is located within half a mile of Bilston town centre, providing good public transport links, and 3.5 miles from Junction 10 of the M6, providing easy access to the motorway network. It is also at the centre of a large urban catchment, with Wolverhampton, Walsall and Dudley each less than five miles away.
The acquisition of Beldray Industrial Estate provides Colmore Capital with the opportunity for further investment to improve a well-located and in-demand asset, following the successful business plan execution and subsequent disposals of industrial assets Astra Engineering in Aston and Swift 34 in Rugby.
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.”
Matt Grainger, Director at Colmore Capital, added: “We pride ourselves on our hands-on, focused approach to asset management and are looking forward to working closely with our occupiers at Beldray Industrial Estate.
“We remain acquisitive and are keen to explore new opportunities, particularly within the industrial and multi-let estate sector, as well as offices and other assets situated in evergreen locations where we can add value.”
The deal was supported by Frontier Development Capital, Savills and Irwin Mitchell.
