A property group has made its second industrial acquisition in four months.
Asper Property Group has bought the Quantum Works trading estate in Stourbridge.
The multi-let estate has 18 units and was sourced and acquired off-market for £1 million by the firm which is the investment vehicle of Hagley-based developer Charlie London.
Quantum Works is located on Enville Street near Stourbridge town centre and comprises around 26,000 sq ft of warehousing and office space.
The site was the former moulding premises for Quantum Sports Cars and is now home to businesses such as Badabing Campers, Harbe Design, SAC Graphics and Stourbridge Windows.
Sign up for your free West Midlands newsletter and follow us on LinkedIn
Email newsletters
BusinessLive is your home for business news from across the West Midlands including Birmingham, the Black Country, Solihull, Coventry and Staffordshire.
Click through here to sign up for our email newsletter and also view the broad range of other bulletins we offer including weekly sector-specific updates.
We will also send out 'Breaking News' emails for any stories which must be seen right away.
For all the latest stories, views and polls, follow our
Asper Property Group has also completed its first new letting to Chris Hill Flooring, a boutique flooring supplier who has taken a 1,000 sq ft showroom on a three-year lease.
The purchase of Quantum Works follows the purchase of Earlswood Business Park near Solihull by Asper Property Group for £1.8 million during the summer.
Mr London said: "We immediately recognised the long-term, untapped potential of Quantum Works and were fortunate to agree the off-market purchase almost immediately, working closely with both the vendor and agent to complete the purchase in a very short time frame.
"On purchase, Quantum Works had a contracted income of £100,000 and our intention is to undertake a comprehensive programme of capital expenditure and refurbishment works while organically increasing rent roll to maximise the investment value of the asset."
Black Country property agency Hexagon Commercial Property acted for the unnamed seller.
Managing director Harvey Pearson said "We are very pleased to have concluded this off-market sale for our clients and it was a pleasure working with Charlie at Asper.
"We have a good knowledge of the estate and are delighted to have been appointed to manage Quantum Works on behalf of Asper. We look forward to helping them take the estate to the next stage."
Bradley Haynes Law and Quinn Barrow Solicitors also acted on the deal.
