A business park has been acquired in a £1.8 million deal. Asper Property Group has bought Earlswood Trading Estate near Solihull from the Shephard family which has owned the site for around 100 years.
The multi-let estate totals 46,000 sq ft of office and industrial space across 17 units on 3.5 acres.
Tenants include Laranca Engineering, which runs race car preparation firm Laranca Motorsport, MJ Coles Construction Services and RMFX which supplies prosthetic masks for TV and film productions.
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The estate will now undergo a £350,000 refurbishment and upgrade programme before being relaunched as Earlswood Business Park.
Asper Property Group is the investment vehicle of Hagley-based developer Charlie London and it now plans to refurbish two of the units and create two more offices.
A planning application will also shortly be submitted for three new industrial units extending to around 7,250 sq ft in total. Mr London said: "This was a complex negotiation on a property that has not been traded for over 100 years.
"As well as developing two new offices, we will be substantially enhancing the value of Earlswood Business Park through a programme of refurbishment and, subject to planning permission, the construction of three new industrial units."
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Redditch-based property agency John Truslove acted on the deal.
Joint managing director Ben Truslove said: "We have acted for the Shephard family for more than 40 years, advising them on their property interests. This was another off-market sale secured.
"We knew Charlie was looking for potential investments in the commercial and industrial sector and, when the Shephard family decided to sell Earlswood Trading Estate for the first time in over 100 years, we were able to bring both parties together swiftly to their mutual benefit."
Newhall Solicitors and Bradley Haynes Law both advised on the deal.