A Dudley industrial estate has been sold for more than the £11.25 million asking price as investors continue to capitalise on the demand for stock in the West Midlands.
Investment agents at property consultants Harris Lamb and joint agents Maclaren & Partners acted on behalf of Skelton Group to market Wellington Industrial Estate on Birmingham New Road.
Alex Eagleton, who oversaw the sale, said: “interest in commercial estates across the Black Country is showing no signs of abating as investors look to grow their portfolios with such opportunities, and Wellington Industrial Estate proved a particularly attractive opportunity to a number of potential buyers.
“Extending to over 570,000 sq ft, the multi-let estate currently yields an annual rent of more than £1 million, and with plenty of occupier demand for prime stock throughout the region, there is a great deal of potential to grow that.”
Having placed the opportunity on the investment market with a quoting price of £11.25 million, the team experienced high levels of interest, and invited best and final bids.
Birmingham-based property company Hortons Estates, which has an extensive portfolio of industrial, office, retail and leisure investments, successfully secured the site.
Alex added: “We are delighted to have achieved a sale price in excess of asking on behalf of our client. The high interest levels in the site demonstrates the continuing demand for well-appointed, multi-let estates throughout the region from investors, and suggests a positive forecast for the sector in the coming months.”
Harris Lamb acted jointly with Maclaren & Partners, Collingwood Rigby represented Hortons Estates.