A Dudley industrial estate has been sold to an asset management specialist for an undisclosed sum, with plans in place to build new units and upgrade the existing facilities at the site.
Harris Lamb was instructed to sell Grazebrook Industrial Park in Peartree Lane by the owners of the estate, a privately-owned family property company.
Along with joint agents Sellers Chartered Surveyors, the business placed the 18.7-acre site on the investment market with an asking price of £7,210,000.
Located less than five miles from Junction 2 of the M5, the secure estate offers 179,806 sq ft of commercial space across a number of buildings, as well as three plots of land which are ready for immediate development.
The business park is fully let, with tenants including Alloy Heat Treatments, Nikal Steels and Moseley Brothers.
Alex Eagleton, of Harris Lamb’s Investment team, said: “This was a superb opportunity to acquire a large, established industrial site benefitting from a steady income from long term tenants, while also having more than six acres of additional land with planning permission in place to build new units to enhance the estate further.
“With demand for industrial space throughout the Black Country remaining high, the asset was placed on the market at a quoting price of £7,210,000.
“Having received multiple offers, interested parties were invited to submit best bids, and the site was sold for an undisclosed figure to AEW UK, part of one of the world’s leading real estate asset managers which has a proven track record of providing solutions for institutional investors for 20 years.
“With the estate currently yielding more than £500,000 per annum in rent revenue, the business recognised its huge potential. AEW is now able to capitalise on the ongoing stock shortage by developing new units at the site, but is also expected to put a refurbishment plan in place to upgrade the existing buildings under a rigorous asset management scheme.
“Subsequently, new lease terms suited to the improved facilities can be established by the new owners,” he added.