Industrial estate sold in near-£7m deal

Watery Lane Industrial Estate

A Black Country industrial estate has been sold in a deal thought to be worth close to £7m.

The 7.32-acre Watery Lane Industrial Estate, Willenhall, has been sold by Brierley Hill-based Hovi Developments to an undisclosed buyer. Hovi was advised by Colliers International.

The value of the deal has not been disclosed but the business park had been on the market with an asking price over £6.85m.

Given the demand for such space across the region then the site is expected to have attracted its target price.

The well-established complex comprises 37 units and totals 145,556 sq ft of space. The estate is fully let to 13 tenants and is producing £546,843 per annum.

Occupiers include Chillington Motor Repairs, Grahams Mini Coach Hire, Hague Fasteners, Aston Boards & Glass and Security Hardware.
Black Country commercial property agents Bulleys has been appointed to handle the management and future lettings on the estate.

Steve Perriton, partner with Bulleys, which has offices in Wolverhampton, Oldbury and Telford, said: “This was a significant transaction. The units are occupied by various companies of all descriptions and sizes; bedrock businesses of the West Midlands.

“We are looking forward to improving the estate going forward on behalf of our client.”

The move represents something of a double for Bulleys after it was also appointed to manage the Wynford Industrial Estate in Acocks Green.

The estate comprises 21 units, covering nearly 60,000 sq ft. The complex was recently sold at auction and purchased by private investors for an undisclosed sum.

The estate currently attracts gross rents of £151,650 per annum.

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