Clearbell bags Wolverhampton industrial estate
Clearbell Capital has expanded its logistics portfolio with the acquisition of Parkside Industrial Estate in Wolverhampton.
The £7.7m deal, reflecting £79 per sq ft, is in line with Clearbell’s strategy of securing industrial assets below replacement cost as well as offering reversionary potential to enhance rental values.
As such, the asset manager intends to upgrade the 100,000 sq ft estate, which was built in 1970s and comprises 11 facilities, varying in size from 4,925 sq ft to 14,017 sq ft.
Clearbell Capital has expanded its logistics portfolio with the acquisition of Parkside Industrial Estate in Wolverhampton.
The £7.7m deal, reflecting £79 per sq ft, is in line with Clearbell’s strategy of securing industrial assets below replacement cost as well as offering reversionary potential to enhance rental values.
As such, the asset manager intends to upgrade the 100,000 sq ft estate, which was built in 1970s and comprises 11 facilities, varying in size from 4,925 sq ft to 14,017 sq ft.
Parkside is currently 94% occupied across four tenants. The vacant facilities will receive a minor refurbishment before being relet.
The works will include re-roofing some of the buildings, installing photovoltaic panels, expanding yard areas, upgrading signage and improving the general appearance of the 4.8-acre site.
Rob Cole, senior investment manager at Clearbell Capital, said: “The compelling opportunity here is to enhance rental values, improve the EPCs to an institutional standard and upgrade the estate’s overall appearance and functionality.”
Clearbell was represented by MK2 on the acquisition. CBRE advised the vendor.
Mark Rooke, director at MK2 Real Estate, said: “The industrial property market is buoyant in the West Midlands, particularly for good-quality multi-let estates in Wolverhampton and the surrounding areas due to its central location and rich history in manufacturing and engineering. As such, it is attracting both occupiers and investors.”
Photo from Clearbell Capital
