Acting on behalf of Vantage Asset Management, national commercial property consultancy, Lambert Smith Hampton (LSH), has completed the sale of the Honeywell Complex on the Nuffield Industrial Estate, Poole, for £5.8m.
The Honeywell Complex amounts to approximately 100,000 sq ft of bespoke offices and R&D space, let to Honeywell Limited – one of the world’s leading companies in the manufacture and sale of gas detection equipment. LSH acquired the opportunity for Vantage Asset Management five years ago, and assisted in the asset management of the property. More recently, the team secured a lease renewal to Honeywell Ltd before Vantage decided to sell the complex. The £5.8m disposal equates to 10% net initial yield.
Jerry Vigus, Director of Capital Markets within LSH’s South Coast team, commented: “Working alongside our colleagues in our London office, we were able to offer our client full exposure to the market in terms of current investor interest. Following a proactive marketing campaign we entered discussions with a number of institutions and property investors, subsequently securing the sale to a private offshore investment company, represented by Rumsey & Partners, following a best bids process.”
The sale of the Honeywell Complex follows in the wake of other significant investment transactions completed by the LSH team in 2011, including the disposal of Solent Gate Industrial Estate on behalf of AXA Sun Life, and the acquisition of a 110,000 sq ft industrial unit in Eastleigh.
Jerry added: “Like the rest of the UK, the South Coast’s property market has been challenging over the last year, and the lack of stock available led to a relatively quiet summer period. However, we are now seeing an increase in both landlord and occupier enquiries, and are in discussions with a number of clients with cash resources available to invest, indicating a marked improvement in commercial confidence that we hope will boost the region’s performance during the remainder of the year.”
