Property investor Colmore Capital has acquired an 85,000 sq ft multi-let industrial estate in the Black Country.
The deal to buy Beldray Industrial Estate in Wolverhampton is the company's first via its new joint venture with Stanhope Capital Partners. The estate comprises four detached, fully let industrial units totalling 83,527 sq ft across 3.4 acres.
The site is located half a mile from Bilston town centre near the M6. This acquisition provides Birmingham-based Colmore Capital with the opportunity for further investment to improve the estate.
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Managing director David Corridanat said: "We are delighted to conclude the acquisition of Beldray Industrial Estate which offers significant reversionary potential and numerous asset management opportunities.
"The demand for small to medium-sized industrial units in established urban locations remains robust which should support continued rental growth.
"Where possible, we will seek to improve the energy efficiency and sustainability of the units, making them more desirable to the occupiers by allowing them to not only reduce costs but also their carbon footprint."
Director Matt Grainger added: "We pride ourselves on our hands-on, focused approach to asset management and are looking forward to working closely with our occupiers at Beldray Industrial Estate.
"We remain acquisitive and are keen to explore new opportunities, particularly within the industrial and multi-let estate sector as well as offices and other assets situated in evergreen locations where we can add value."
The undisclosed deal was supported by Frontier Development Capital, property agency Savills and law firm Irwin Mitchell.
