Evenacre expands portfolio with Redditch acquisition

BIRMINGHAM property company Evenacre has grown its portfolio with the acquisition of a Worcestershire industrial estate.

The firm, whose offices are in Colmore Row, has purchased Washford Industrial Estate in Redditch from M&G for an undisclosed sum.  

The industrial estate is made up of 12 units totalling 55,000 sq ft and was constructed in the 1970s.

Paul Jones, of Evenacre, said the firm was now looking forward to the next phase of Washford’s development.

“This purchase made a lot of sense as demand for well-appointed industrial units is rising, driven largely by the resurgence of the Midlands’ manufacturing fortunes,” he said.

“Washford is a highly desirable location with excellent access to the OEM and supply chain automotive markets and a good pool of people available to work in this area.  We are planning a major investment programme in the site and are looking to release the refurbished units later this year.”

Christian Smith and Tom Edgar, both of GBR Phoenix Beard advised Evenacre on the purchase.

They said the investment potential in areas like Redditch which border the M42 corridor was currently “immense” and the move by Evenacre made sound financial sense.

“We are experiencing increasing demand for industrial units alongside a decline in available stock in the town, which means schemes like Washford are proving popular with expanding companies,” they said.

Plans to transform Washford will begin shortly, with work being carried out on the various units – which range from 4,000 to 6,000 sq ft.  

Evenacre has indicated it may be prepared to sell individual units to owner-occupiers.  All units have been fitted out ready for immediate occupation.

GBR Phoenix Beard and KGA are letting agents at the site.