A LYE industrial estate that has been in the same family hands for 30 years has been sold.

Cridden Industrial Estate, Dudley Road, has been acquired by Wilton Trust, a London-based family fund company, for £1,115,000.

The seller was R.A & S Baylie, a family landlord company that has owned and managed the 0.75-acre estate for 30 years and was seeking to release capital.

The freehold industrial estate, comprising five units totalling 22,771 sq ft plus a large car park, was marketed as part income producing with annual revenue of £63,750 but it could provide a potential income of £90,000 per annum.

James Mattin, managing director agency at commercial property agents Bond Wolfe which secured the deal, said: “This industrial investment received lots of demand and as a result we had an extensive list of buyers who were keenly interested.

“This is reflective of both the industrial and income-producing investment markets at this present moment, with both being extremely popular.

“Stock is therefore particularly hard to come by for potential buyers and agents alike.

"As well as the income being produced by this multi-tenanted estate, where many of the tenants are long-standing, other strengths lie in its ability to produce income from an array of tenants, who operate in range of industries, thereby insuring itself from potential dips in the future.

“There is further potential to grow the income at this estate through asset management.”

The sellers were represented by Wall James Chappell Solicitors in Stourbridge, and Spratt Endicott Solicitors in Banbury acted for the buyer.