West Bromwich industrial estate sold for £2.8m

Property firm Stenprop has bought a multi-let industrial estate in West Bromwich in a deal worth £2.8m.

The company has snapped up the Phoenix Industrial Estate from a private investor. The estate includes 21 units totalling almost 47,000 sq ft.

The move is part of a double deal with for a combined total of £14m.

Will Lutton, head of investment at Stenprop, said: “We continue to grow our portfolio of well-occupied multi-let industrial properties in locations where there is critical undersupply of suitable space and which benefit from strong local infrastructure. Both acquisitions offer strong day one income, with the longer-term opportunity to unlock reversionary potential utilising our proprietary industrials.co.uk platform. Whilst appetite for well let industrial assets continues, driven by accelerating structural trends, we remain able to source and acquire properties that meet our investment criteria, with a significant pipeline of opportunities as we head towards 2021.”