Acting on behalf of the Hargreaves Group, Lambert Smith Hampton has successfully acquired Malthouse Trade Park in Shoreham from Hansteen Plc, represented by Clay Street.
The trade park amounts to just over 58,000 sq ft and was acquired by LSH for Hargreaves after going through a best bids process. Terms were agreed at a price of just over £6.5m, reflecting a net initial yield of 6%.
Tenants on Malthouse Trade Park include Travis Perkins, ScrewFix, Next and Howden’s, providing Hargreaves with an unexpired income of approximately 9.4 years to break options.
Jerry Vigus, director of Capital Markets in LSH’s south coast office, says: “We are pleased to have acquired the estate on behalf of Hargreaves in Shoreham. Our clients were pleased with our advice and the fact they could compete with many UK institutions in bidding for the estate.”
The acquisition of Malthouse Trade Park in Shoreham strengthens the portfolio that Hargreaves has of trade parks on the South Coast which include Winchester, Hedge End, Chichester, Portsmouth, Burgess Hill and Brighton. The company has also just started constructing a new trade park in Havant, adjacent to its existing retail park and Tesco.
