Rowe Estates UK, a family-owned investment and development group based in Cornwall, has sold a multi-let retail warehouse building in Salisbury, Wiltshire for £3.156 million, reflecting a NIY of 6.21%. Units A & B Bourne Way Retail Park were acquired by The Hargreaves Group.
The 13,075 sq ft building is let to Dreams and Carpetright on 10 year leases renewed in March 2017 and providing a rental income of £208,389 per annum.
Bourne Way Retail Park is one of four principal retail parks serving Salisbury and is located just off the A36 Southampton Road, one mile from the city centre.
Lucy Costain of Alder King’s investment team, which acted for Rowe Estates, said: “Our client is delighted to have finalised the disposal of this asset for a sum in excess of the guide price. It is actively looking to re-invest in new Grade A assets or secondary properties that offer opportunities for capital improvement and asset management.”
Alastair Skinner, commercial director for Hargreaves Group, said: “This purchase is one of a number that Hargreaves Group is looking to conclude by the summer of 2017 and will provide scope for asset management opportunities. This acquisition once again confirms the appetite and ability Hargreaves Group has to acquire investments in and around its core portfolio.”
Rowe Estates has a property portfolio across the south west and south east comprising industrial buildings, retail parks and shops, offices and hotels. Alder King is retained by Rowe Estates to provide investment and strategic advice on its portfolio.
The Hargreaves Group, formed in 1965, develops, manages and retains over 3 million sq ft of high quality commercial and residential properties across the south-east of England.
LSH Southampton acted for the purchaser.
