Clearbell Capital has completed the acquisition of a new industrial asset in Wolverhampton for £7.725m on behalf of the Clearbell Property Partners IV LP fund.
Parkside Industrial Estate comprises 11 units, let to four tenants and is 94% occupied. As part of comprehensive upgrade plans for the site, Clearbell will reroof some units, install PV panels, expand yard areas, upgrade signage and enhance the general appearance of the estate.
The EPC rating of all of the units will be improved to a B rating or better and the remaining vacant unit at the site will receive a minor refurbishment before being relet.
Rob Cole, senior investment manager at Clearbell Capital, said: “The Wolverhampton acquisition is an excellent addition to our logistics platform, aligning with our strategy of purchasing industrial properties with significant reversion and below replacement cost. 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. We are excited to add Wolverhampton and continue to search for new opportunities for the portfolio.”
Mark Rooke, director in MK2 Real Estate’s investment team, which advised Clearbell on the deal, 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. Parkside Industrial Estate presented a strong case for investment, with potential rental growth and asset management opportunities.”
Oliver Forster, senior director in CBRE’s investment properties team, which advised the vendor, added: “The sale of Parkside, following a competitive process, demonstrates the continued investor demand for multi-let industrial opportunities in established locations.”
