Clearbell Property Partners IV LP (Clearbell), managed by private equity real estate fund management and advisory business Clearbell Capital LLP, has completed the acquisition of a new industrial asset in Wolverhampton for £7.725 million, £79psf cap val. This purchase expands Clearbell’s logistics portfolio increasing the number of assets from six to seven.

Parkside, Wolverhampton consists of eleven units, let to 4 tenants and is 94% occupied. This acquisition aligns with Clearbell’s strategic focus on securing industrial assets below replacement cost as well as offering significant reversionary potential to enhance rental values.

As part of comprehensive upgrade plans for the Wolverhampton site, Clearbell will reroof some units, install photovoltaic (PV) panels, expand yard areas, upgrade signage and improve the general appearance of the estate. Sustainability will be a key focus throughout, with all EPCs improved to an EPC B or better enhancing the site’s environmental performance. The vacant unit will receive a minor refurbishment before being relet.

Rob Cole, Senior Investment Manager at Clearbell Capital, said:

“The Wolverhampton acquisition is an excellent addition to our logistics platform, aligning with our strategy of purchasing industrial properties with significant reversion and below replacement cost.

The compelling opportunity here is to enhance rental values, improve the EPCs to an institutional standard and upgrade the estate’s overall appearance and functionality. We are excited to add Wolverhampton and continue to search for new opportunities for the portfolio”

Clearbell was represented by MK2 on the acquisition.

Mark Rooke, director in MK2 Real Estate’s investment team, said:

“The industrial property market is buoyant in the West Midlands, particularly for good quality multi let estates in Wolverhampton and the surrounding areas due to its central location and rich history in manufacturing and engineering. As such, it is attracting both occupiers and investors.

“Parkside Industrial Estate presented a strong case for investment, with potential rental growth and asset management opportunities.”

Oliver Forster, senior director in CBRE’s investment properties team, advised the vendor. He said:

“The sale of Parkside, following a competitive process, demonstrates the continued investor demand for multi-let industrial opportunities in established locations.”