Private estate acquired in deal worth more than £5m

A private housing development in Wolverhampton has been sold in a deal worth more than £5m.

Foxlands Crescent is an estate comprising 51 apartments and six bungalows, and is situated in Upper Penn.

It has been purchased by A H Field Properties from Evenbrook Estates in a deal valued at £5.35m.

The bungalows and flats, which are located in seven contemporary buildings, all feature two bedrooms. The estate also includes three garages, a site office and off-street parking for 68 cars.

A H Field has a strong presence in Birmingham and the wider West Midlands, providing affordable homes for the private rented sector (PRS). It also manages, lets and maintains all the properties through its own internal operations.

This latest acquisition increases its portfolio of residential assets across the West Midlands to circa 1,000 properties, of which 200 are in the Wolverhampton area.

Over the last five years, A H Field has acquired similar properties in Walsall, Oldbury, Burton on Trent, Swadlincote, Kings Norton and Stechford.

Mark Hirschfield, CEO of A H Field Properties, said: “The acquisition of the Foxlands Crescent estate in Wolverhampton was a strategic bolt-on to the group’s existing holding in the region and as long-term investors in the PRS market, we continue to look for similar opportunities to ensure that we continue to provide quality accommodation for our tenants throughout the West Midlands.”

William Shoebotham, Associate at Allsop, added: “This purchase uniquely complemented A H Field’s existing portfolio and with HS2 due to give the area a welcome boost, Foxlands Crescent represented an ideal, long-term investment opportunity.”

Allsop advised Evenbrook Estates.