Threadneedle Property Investments has acquired Tollbar Way in Hedge End – a 112,000 sq ft unit let on a new 10 year Lease to Import Services from Stobart Group.
National commercial property consultancy Lambert Smith Hampton (LSH) and Dowley Turner Real Estate were instrumental in advising Stobart Group and its asset managers, Robuck Capital, on the property and following interest from various tenants a new Lease was agreed with the existing sub tenants, Import Services, for 10 years at a rent of £6 per sq ft.
Following the successful letting, and after further consolidation within the Stobart portfolio asset managed by Robuck Capital, a deal was agreed with Threadneedle Property Investors to acquire Tollbar Way for a price of approximately £7.4m, reflecting a net initial yield of 8.21%.
Jerry Vigus, Director in LSH’s South Coast office, comments: “We are pleased to be involved in advising Stobart Group on the letting of the property and providing additional advice to Threadneedle Property Investors on the acquisition of the unit. We were able to offer both parties comprehensive occupational and investment advice to ensure the transaction went through quickly and smoothly.”
