MK2 Real Estate has advised Clearbell Property Partners IV LP, managed by private equity real estate fund management and advisory business Clearbell Capital LLP, on the acquisition of Parkside Industrial Estate in Wolverhampton for £7,725,000.
The multi-let estate, located less than a mile from the city centre, comprises 11 warehouse units, ranging from 4,937 sq ft to 14,100 sq ft, and totalling 98,277 sq ft. Ten of the units are let to four tenants, including Accura Engineering, Sterling Products, ACE Electrical and Premdor Crosby. Unit 7 is currently vacant.
This acquisition aligns with Clearbell’s strategic focus on securing industrial assets below replacement cost, as well as offering significant reversionary potential to enhance rental values.
Mark Rooke, director in 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, aligning with Clearbell's strategic aims.”
As part of comprehensive upgrade plans for the Wolverhampton site, Clearbell will reroof some units, install photovoltaic (PV) panels, expand yard areas, upgrade signage and improve the general appearance of the estate. Sustainability will be a key focus throughout, with all EPCs improved to an EPC B or better enhancing the site’s environmental performance. The vacant unit will receive a minor refurbishment before being relet.
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.”
CBRE advised the vendor, an institutional investor.
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