Property firm acquires 100,000 sq ft Wolverhampton industrial site

Property management firm, Clearbell has acquired a new industrial asset in Wolverhampton for over £7.7m, expanding its logistics platform.

The site covers around 100,000 sq ft and consists of eleven units, 94% of which are occupied by four tenants.

Clearbell plans upgrades to the site, including reroofing some units, installing photovoltaic (PV) panels, expanding yard areas, upgrading signage and improving the estate’s overall appearance.

A key focus will be improving the site’s environmental performance, with plans to upgrade all EPC ratings to a B or better.

Clearbell Property Partners IV LP, managed by Clearbell Capital LLP, completed the acquisition, increasing Clearbell’s logistics portfolio from six to seven assets.

Rob Cole, senior investment manager at Clearbell Capital, said: “The Wolverhampton acquisition is an excellent addition to our logistics platform, aligning with our strategy of purchasing industrial properties with significant reversion and below replacement cost.

“The compelling opportunity here is to enhance rental values, improve the EPCs to an institutional standard and upgrade the estate’s overall appearance and functionality. We are excited to add Wolverhampton and continue to search for new opportunities for the portfolio”

Clearbell was represented by MK2 on the acquisition.

Mark Rooke, director at MK2 Real Estate’s investment team, said: “The industrial property market is buoyant in the West Midlands, particularly for good quality multi-let estates in Wolverhampton and the surrounding areas due to its central location and rich history in manufacturing and engineering. As such, it is attracting both occupiers and investors.

“Parkside Industrial Estate presented a strong case for investment, with potential rental growth and asset management opportunities.”