A multi-let industrial estate in Portsmouth has been sold for £1.6m by property consultancy Vail Williams on behalf of the freehold owner.
The eight units at 8 Marshlands Road, Farlington, were acquired from London-based Kemble Estates by a private property company.
Managed by Vail Williams prior to the investment disposal, the industrial estate, with a 17,500 sq ft gross internal area, covers 0.9 acres, with six tenants generating £126,819 pa in gross income.
One vacant unit was available to let through Vail Williams, with a quoting rent of £27,500 pa prior to the sale, and is now under offer post-completion.
Property investment specialist James McFeely of Edward Charles Real Estate, acted for a private property company in the purchase.
James said: “We were delighted to source this off-market, value-add industrial opportunity for our clients and work closely with Russell Miller of Vail Williams helping to delivering a positive outcome for both clients in an uncertain market.
“With the vacant unit now let it will enable our clients to drive income return with future reviews and re-lettings.”
Michael Kemble of Kemble Estates said: “We are grateful to Vail Williams for sourcing a buyer and managing the industrial estate so efficiently over a number of years prior to the investment disposal.”
Russell Miller, Vail William’s Regional Managing Partner for the South Coast region, represented Kemble Estates.
He said: “There is significant investor demand for freehold industrial estates in the Portsmouth region, with a thriving economy due to the strategic location, but they rarely appear on the market.
“The purchase price was £1.6m, representing a gross rental yield of nearly 8%, with one unit vacant, for the new owner. There are opportunities to add value to the estate as well.
“It has been a pleasure acting for Kemble Estates, with everyone involved in the investment disposal process acting to the letter.”
The units at 8 Marshlands Road, Farlington, just by the A27 linking to the M27 ‘Solent Corridor’ and A3 (M) to London, have steel portal frames with 5m eaves.
