STOURBRIDGE’S Quantum Works trading estate has been sold for £1.03 million in an all-cash purchase.

The multi-let trading estate with 18 units was sourced and acquired off-market by Asper Property Group, the investment vehicle of Hagley-based developer Charlie London.

The estate, located on Enville Street, comprises approximately 26,000 sq ft of warehousing and office space.

The site was the former moulding premises for Quantum Sports Cars and is now home to businesses including Badabing Campers, Harbe Design, SAC Graphics and Stourbridge Windows.

And within just one week of completion of purchase, Asper Property Group has completed its first new letting to Chris Hill Flooring, a boutique flooring supplier for a 1,000 sq ft showroom on a three-year lease.

Charlie London, managing director of Asper Property Group, said: “We immediately recognised the long-term, untapped potential of Quantum Works and were fortunate to agree the off-market purchase almost immediately, working closely with both the vendor and agent to complete the purchase in a very short time frame.

“On purchase, Quantum Works had a contracted income of £100,000, and our intention is to undertake a comprehensive programme of capital expenditure and refurbishment works while organically increasing rent roll to maximise the investment value of the asset.”

The purchase of Quantum Works is Asper Property group’s second major acquisition in less than four months. The group bought Earlswood Business Park for £1,875 million in June this year.

Black Country agents Hexagon Commercial Property acted for the seller of Quantum Works, a local family who have owned the estate since the 1980s.

Harvey Pearson, managing director at Hexagon, said “We are very pleased to have concluded this off-market sale for our clients and it was a pleasure working with Charlie at Asper.

“We have a good knowledge of the estate and are delighted to have been appointed to manage Quantum Works on behalf of Asper. We look forward to helping them take the estate to the next stage.”

Lisa Johnson, at Bradley Haynes Law, advised the seller and Paul Barrow, of Quinn Barrow Solicitors, acted for Asper Property Group.