A REDDITCH industrial estate has been sold for in excess of £1million as investors seek opportunities outside London.

Investment specialist Harris Lamb was instructed to sell Manorside Industrial Estate, in an established commercial area of the town on behalf of a private overseas investor.

The successful buyer purchased the site for in excess of the quoting price of £995,000.

The estate, which is fully let, benefits from a net income of more than £80,000 per year.

Alex Eagleton, of Harris Lamb’s Investment team, said: “This sale is the latest in a series of industrial investments we’ve overseen as investors seek opportunities within the sector outside London.

“There has been a marked spike in demand for industrial investment opportunities in recent months, and investors are keen to enhance their portfolios with sites occupied by secure, stable tenants,” he said,

Alex said that as a region, Redditch enjoyed high interest levels from investors courtesy of its strong industrial location and excellent transport links.

 “The town benefits from good road communications with Junctions 2 and 3 of the M42 located just five miles from the site.

"The North Moons Moat industrial area is just two miles north east of the town centre and is one of the most established and well situated industrial locations in the area.”