Tandem snaps up Birmingham trading estate for £2m
Tandem Investments says it’s eyeing up an ‘active refurbishment programme’ after completing the purchase of Droicon Trading Estate in Rowley Regis.
The £2m off-market deal with an unnamed private investor for the west Birmingham site is Tandem Investments’ third acquisition in the Midlands, joining the 40,000 sq ft Oldends Industrial Estate in Stroud, and the 55,000 sq ft Crondale Road estate in Coventry.
The multi-let 37,000 sq ft Droicon is made up of 13 units with 12 tenants, and takes the firm’s total portfolio size to over 1m sq ft.
Chris Lloyd, investment director at Tandem Investments, said the off-market deal to buy the site from an unnamed private investor finished off a “very busy” final quarter for the Stockport-based business.
“It is the exact type of asset that like to acquire as it presents an opportunity to add value through an active refurbishment programme, filling voids and working with the existing tenants to improve their units,” he said.
MK2 Real Estate and CMS acted for Tandem Investments, whilst Fisher German represented the vendor.
Max Sowter at Birmingham-based MK2 added: “While the deal presented its share of challenges, we worked collaboratively to identify pragmatic solutions and achieve the desired outcome.
“I now look forward to seeing Tandem implement its hands-on asset management strategy and unlock the estate’s reversionary potential in the year ahead.”
