Kingsbridge Estates has completed the sale of two prominent properties in transactions worth a total of £7.45m.
The Chichester-based property development company sold Parallel House, in Bath Road, Slough, for £6m to London-based Theori Housing Management. Prior to the transaction, Kingsbridge had gained change of use planning consent to convert the four-storey former office into 106 residential units. CBRE acted as agent for Kingsbridge.
In a separate deal, Kingsbridge completed the £1.45m sale of a Grade II* listed town centre retail unit at 40 North Street, Chichester, to a local investor.
Kingsbridge had previously successfully gained planning consent to convert the building, currently let to Jack Wills and Handelsbanken, from retail to office use. Mark Minchell of Flude Property Consultants, acted as agent for Kingsbridge.
The sales support Kingsbridge Estates’ growth strategy of investment in industrial developments.
Chris Fry, CEO, Kingsbridge Estates, said: “These two significant transactions both came after we were successful in adding value to the assets through planning consent.
“Capital raised from these sales will be re-invested to support our strategic programme of growth through the development of high-quality industrial space across the South-East of England.”
Kingsbridge Estates was founded in 2004 and is based in Tangmere, near Chichester. Among its current projects is a four-acre site at Concorde Way, Segensworth, near Southampton, which is currently being developed to create 10 new industrial and warehouse units due to complete at the end of October.
Kingsbridge has also obtained planning consent for 12 new business units at the site of the former Buttericks factory in New Lane, Havant, and is targeting a 2021 completion of the development.
