Stourbridge trading estate snapped up for £1.5m
Asper Property Group has sold off Quantum Works to a private investor at a near 50% markup, around three years after buying the site for just over £1m.
The Worcestershire-based developer bought up Quantum Works, a 25,000 sq ft former sports car moulding factory on Enville Street that had previously been in long-term family ownership, in September 2023.
The firm has since undertaken a programme of capital expenditure and refurbishment works, reconfiguring the site from 18 units to 20 and increasing rental income from around £100,000 to £170,000.
“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,” said Charlie London, managing director of Asper Property Group,
“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 also snapped up Earlswood Lakes Craft Centre near Solihull for just over £1m last year, and is in the middle of a similar programme of improvement works. A padel centre is planned for the site.
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.
