Investors snap up industrial estate in £1m deal

A Worcestershire industrial estate has been acquired by property investors in a deal worth more than £1m.

Harris Lamb was instructed to sell Manorside Industrial Estate, a 13,285 sq ft starter unit opportunity in Redditch, on behalf of a private overseas investor.

The successful buyer purchased the site for in excess of the quoting price of £995,000, representing a 7.75% yield.

The estate, which is fully let, attracts a net income of more than £80,000 per year.

The area is particularly attractive to investors at the moment because of the current high demand for commercial/industrial space.

Alex Eagleton, of Harris Lamb’s Investment team, said: “This sale is the latest in a series of industrial investments we’ve overseen as investors seek opportunities within the sector outside London.

“We are particularly pleased to be involved in this site as it allowed Harris Lamb to showcase a full spectrum of services; with our management, rating, agency and investment teams all having (an) involvement.

“We were responsible for the initial purchase of the estate on the client’s behalf in 2013 for £924,000, and have sold three units to owner occupiers since then which, added to the sale of the estate, represents a healthy profit in just four years.”

Mr Eagleton said there had been a “marked spike” in demand for industrial investment opportunities in recent months, with investors keen to enhance their portfolios with sites occupied by secure, stable tenants.

He said Redditch was especially popular because of its strong transport links.

The Manorside Industrial Estate is also in close proximity to several other established industrial areas, including Colemeadow Drive, Thornhill Road Industrial Estate, Madeley Road Industrial Estate and Ravensbank Distribution Park.