A multi-let industrial estate in Portsmouth has been sold for £1.6m by property consultancy Vail Willams on behalf of the freehold owner.
The eight units at 8 Marshlands Road, Farlington, were acquired from London-based Kemble Estates by a private property company.
Managed by Vail Williams prior to the investment disposal, the industrial estate, with a 17,500 sq ft gross internal area, covers 0.9 acres, with six tenants generating £126,819 pa in gross income.
One vacant unit was available to let through Vail Williams, with a quoting rent of £27,500 pa prior to the sale, and is now under offer post-completion.
Property investment specialist James McFeely, of Edward Charles Real Estate, acted for a private property company in the purchase.
James said: “We were delighted to source this off-market, value-add industrial opportunity for our clients and work closely with Russell Miller of Vail Williams in helping to delivering a positive outcome for both clients in an uncertain market.
“With the vacant unit now let it will enable our clients to drive income return with future reviews and re-lettings.”
Michael Kemble of Kemble Estates said: “We are grateful to Vail Williams for sourcing a buyer and managing the industrial estate so efficiently over a number of years prior to the investment disposal.”
Russell Miller, Vail William’s Regional Managing Partner for the South Coast region, with offices in Portsmouth, Southampton and Bournemouth, represented Kemble Estates.
He said: “There is significant investor demand for freehold industrial estates in the Portsmouth region, with a thriving economy due to the strategic location, but they rarely appear on the market.
“The purchase price was £1.6m, representing a gross rental yield of nearly 8%, with one unit vacant, for the new owner. There are opportunities to add value to the estate as well.
“It has been a pleasure acting for Kemble Estates, with everyone involved in the investment disposal process acting to the letter.”
The units at 8 Marshlands Road, Farlington, just by the A27 linking to the M27 ‘Solent Corridor’ and A3 (M) to London, have steel portal frames with 5m eaves.
