£5.6m worth of deals made weeks after property investment firm launches
Two West Midlands property specialists have completed a hat-trick of deals weeks after launching a new investment and development business.
Watson’s Property has completed £5.6m worth of deals so far and plans to build a portfolio of residential and commercial properties.
The first deal was made in Worcester, for a mixed-use block at 58 and 59-60 High Street, from Midlands property company AC Lloyd, for £2m.
The five-storey building extends to 12,500 sq ft of space with Greggs taking the entire ground floor and first floor for a new concept store with a shop and restaurant. A-Plan Insurance occupies the second floor, while there are five apartments on the third and fourth floors.
In Birmingham, 14 vacant one and two-bedroom apartments at a former aparthotel at Arena Court, in Clement Street, near Brindley Place, have been acquired in a £1.5m. The company plans to refurbish all the apartments, including re-fitted kitchens and bathrooms. Birmingham-based Centrick is handling all the lettings.
The third deal has seen the company acquire seven top-floor apartments at Smitham Yard in Coulsdon, near Croydon, Surrey, from developer Oakwood Group for £2.1m. All currently let to tenants, the two-bed and two-bath apartments have balconies and parking.
Alex Watson, a former director of investor and developer Barberry Group, is the founder and director of the new family-run business. He is supported by his father Paul Watson who is the company chairman.
Alex Watson said: “We’ve really hit the ground running and announced our arrival with the completion of three significant acquisitions worth a total of more than £5.6 million in our first quarter. These properties provide us with a solid base from which to grow and will generate very healthy levels of income as we look for further investment opportunities.
“There is excellent scope for the company to grow through the careful management of investments to maintain income while growing the asset base. We will also have a focus on making our properties more environment-friendly through improvements in areas such as energy efficiency and waste reduction.”
Alex Watson joined Barberry in 2010 and became group director before leaving in 2021. During that time he led Barberry’s residential investment operations, acquiring and redeveloping numerous properties across the country. Paul Watson is a founding director of Barberry and remains involved in the business.
