Asper Property Group, the Midlands-based commercial and residential property developer and investor, has sold a Stourbridge trading estate for £1.5 million.
Asper paid £1.015 million for the multi-let Quantum Works trading estate in September 2023, and has since undertaken a comprehensive programme of capital expenditure and refurbishment works.
The estate, located on Enville Street, has 20 units and was acquired with a total annual rental income of circa £100,000.
The contracted rental at sale was over £170,000.
A private investor has acquired the site which was formerly the moulding premises for Quantum Sports Cars and is now home to businesses such as Badabing Campers, Harbe Design, SAC Graphics and Stourbridge Windows.
Charlie London, managing director of Asper Property Group, said: “Quantum Works had been in the hands of the same family for 40 years when we acquired it off market, and we bought it because we recognised the estate had untapped long term potential.
“We undertook a major programme of asset management over the past two and a half years, and believed the time was right to capitalise our investment in the interests of funding our rolling programme of investment and development across the Midlands.”
Asper Property Group is currently undertaking a similar asset management exercise on investments such as Manor Farm, an established, multi-let, craft and leisure centre in Wood Lane, Earlswood, and The Row, a boutique office, retail and leisure scheme in Droitwich.
Stourbridge-based Hexagon Commercial Property was appointed sole agent, and the purchaser was represented by Andy Price at AP Investment.
Law firms Hill Dickinson and Talbots Law advised Asper Group, and Merali Beedle acted for the buyer.
