Harris Lamb has acquired a Redditch industrial estate for more than £3.5 million on behalf of a private investor.
The Trafford Park Industrial Estate on Trescott Road is currently fully let, and further to the deal, the business has been tasked with managing the site.
Jonathan Aspinall, of the business’ management team, said: “This deal has involved several of Harris Lamb’s departments, with our Building, Investment and Management colleagues working closely together to oversee surveys, negotiate the purchase, and to take on responsibility for the day-to-day management of the property.
“Opportunities to buy fully-let sites like this are fairly uncommon and in high demand and as a result we’ve experienced fierce bidding for multi-let modern industrial stock in Worcestershire.
“One symptom of supply and demand, plus high tenant / occupier demand for any space that does become vacant, is that rental value increases are in turn driving investment yields lower as Investors start to see capital growth feeding through, so we’re delighted to have successfully secured the estate for our client,” he added.
The estate occupies a 52,000 sq ft plot with four industrial units including offices, service yards and car parking, and has a rental income of £240,842 a year.
The building benefits from excellent access links, being located on a key route from Junction 1 of the M6 to Rugby town centre, with easy access to the train station and local amenities.
The site is currently occupied by Kadfire Ltd, Multi Automation Ltd, Crossco Ltd and Peterson Spring Europe Ltd.