Asper Property Group makes second significant industrial acquisition in four months
Asper Property Group has made its second major acquisition in less than four months with the all-cash purchase of the Quantum Works trading estate in Stourbridge.
The multi-let trading estate with 18 units was sourced and acquired off-market for £1.03 million by Asper Property Group, the investment vehicle of Hagley-based developer Charlie London.
The estate is located on Enville Street, just a short distance from Stourbridge town centre and the ring road and comprises approximately 26,000 sq ft of warehousing and office space.
The site was the former moulding premises for Quantum Sports Cars and is now home to businesses such as Badabing Campers, Harbe Design, SAC Graphics and Stourbridge Windows.
And within just one week of completion of purchase, Asper Property Group has completed its first new letting to Chris Hill Flooring, a boutique flooring supplier for a 1,000 sq ft showroom on a three year lease, with a 60% rent uplift achieved.
Charlie London, managing director of Asper Property Group, said: “We immediately recognised the long-term, untapped potential of Quantum Works and were fortunate to agree the off-market purchase almost immediately, working closely with both the vendor and agent to complete the purchase in a very short time frame.
“On purchase, Quantum Works had a contracted income of £100,000, and our intention is to undertake a comprehensive programme of capital expenditure and refurbishment works while organically increasing rent roll to maximise the investment value of the asset.”
The purchase of Quantum Works follows the purchase of Earlswood Business Park by Asper Property Group for £1,875 million in June this year.
Black Country agents Hexagon Commercial Property acted for the seller of Quantum Works, a local family who have owned the estate since the 1980s.
Harvey Pearson, managing director at Hexagon said “We are very pleased to have concluded this off-market sale for our clients and it was a pleasure working with Charlie at Asper.
“We have a good knowledge of the estate and are delighted to have been appointed to manage Quantum Works on behalf of Asper. We look forward to helping them take the estate to the next stage.”
Lisa Johnson at Bradley Haynes Law advised the seller and Paul Barrow of Quinn Barrow Solicitors acted for Asper Property Group.
For further information, contact:
Charlie London, Managing Director,
Asper Property Group,
About Asper Property Group
Asper Property Group is a Midlands-based commercial and residential property investor and developer, delivering a range of schemes from design-led homes to office schemes and industrial developments.
Issued by Andy Skinner at ASAP PR – 07990 978257