Quantum Works trading estate in Stourbridge sold to Asper Property Group
A trading estate in Stourbridge in the West Midlands has been acquired for £1.03 million in cash by Asper Property Group, which plans to refurbish the site.
The Quantum Works estate on Enville Street - the former moulding premises for Quantum Sports Cars - boasts 18 units and was sourced and acquired off-market by Asper, which is the investment vehicle of Hagley-based developer Charlie London.
It is now home to businesses such as Badabing Campers, Harbe Design, SAC Graphics and Stourbridge Windows.
"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," said Charlie London, managing director of Asper Property Group.
"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."
And Asper Property Group has already completed its first new letting at the estate to Chris Hill Flooring, a boutique supplier, for a 1,000 sq ft showroom on a three year lease, with a 60% rent uplift achieved.
Black Country agents Hexagon Commercial Property acted for the seller of Quantum Works, a local family who have owned the estate since the 1980s.
"We are very pleased to have concluded this off-market sale for our clients and it was a pleasure working with Charlie at Asper," said Harvey Pearson, managing director at Hexagon.
"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."
The Quantum Works deal follows Asper Property Group's purchase of Earlswood Business Park near Solihull for £1.875 million in June this year.
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