Worcestershire commercial property agents John Truslove have sold a sold a multi-let industrial park near Solihull for £3.225 million.
Earlswood Business Park has 20 units totalling 49.623 sq ft on a 3.45 acre site in Poolhead Lane and is 100% let, producing a combined rental income of £323,000 per annum.
It has been purchased by Coram Powell Investments Ltd, a private investor company based in Croydon, from Midlands investment and development company Asper Property Group.
Ben Truslove, joint managing director of John Truslove, said: “This is a major investment sale with significant potential.
“Since Asper Property Group acquired Earlswood Business Park in 2023, the business has spent considerable sums on a substantial refurbishment programme on the 20 units which range from 400 sq ft to 13,500 sq ft, including several small office suites.
“The site has asset management opportunities, both short and medium term, over the next 12 months, in particular in the central area offering the potential to develop further for open storage of industrial units.”
He said the site had a potential estimated rental value of £390,000 plus per annum.
Earlswood Business Park is located six miles south west of Solihull town centre and five miles north of Redditch, just 1.5 miles from Junction 3 of the M42 leading into the national motorway network.
Charlie London, managing director of Asper Property Group, said: “We are delighted to achieve a successful sale of Earlswood Business Park. Since our acquisition of the estate for £1.875 million in 2023, we have undertaken an extensive asset management and refurbishment programme and have successfully grown the contracted rent from £150,000 to £323,000.
“We are confident the purchaser will continue to realise further value in the estates next chapter. Credit to Ben Truslove at John Truslove and joint agents AP Investment for achieving an outstanding result.”
Paul Barrow of law firm Glaisyers LLP in Liverpool acted for Asper Property Group and Angela Flanagan of Merali Beedle in London advised Coram Powell Investments Ltd.
