A multi-let industrial investment in Dorset has been acquired by property consultancy Vail Williams on behalf of a client.
Comprising 16 units ranging from 504 sq ft to 1,632 sq ft, Aztec Centre is at 26-56 Nuffield Industrial Estate in Poole.
The freehold estate, which was marketed with a guide price of £2.13m, is fully occupied with a current total rental income of £165,878 per annum.
Bryony Thompson, a partner at Vail Williams in Dorset, said: “We have property investment companies looking to purchase multi-let industrial estates in the BCP conurbation, home to more than 18,000 businesses and a population of 404,000, and Aztec Centre met the search requirements of our client Meyson Properties in Ringwood, Hampshire.
“Whilst the price paid is undisclosed, by way of example, a purchase at the marketing guide price of £2.13m would reflect a net initial yield of 7.33% after allowing for standard purchasing costs. Rents also increase this October to a total of £168,310 per annum, further increasing the yield.”
She added: “The purchase of Aztec Centre by Meyson Properties, a local property investor and developer, is the latest transaction where we have advised clients on either the buying or selling of multi-let industrial estates.”
They include the recent sale of Manor Park at 35 Willis Way, Poole, which comprises 17 industrial/warehouse units with rents from £10.97 per sq ft to £14.01 per sq ft, the purchase of Alder Hills Trade Park in Barter Road, Poole, comprising five units let to a range of businesses at a combined rental income of £240,000 per annum, and the £7.7m purchase of Poole Trade Park in 2022, which has 10 trade counter units.
Rents for the Aztec Centre units, totalling 14,160 sq ft, range from £10.50 per sq ft to £13.48 per sq ft.
Occupiers are Alliance Building Plastics, Rapid Response Fittings, Knights Carpets, Mint Glazing, Floors For You (Southern), Nicola Robin Clark, 1st Fix (South), Motor Fans & Pump Solutions, BK Fitted Furniture, Cinemattag Productions, AMJ Cars and RJK Construction.
Sibbett Gregory in Poole, Dorset, acted for the seller, a private company.
Alastair Knott, Director of Sibbett Gregory, said “Good quality, multi-let industrial estates have remained popular with investors.
“With its superb location at the heart of the Nuffield Industrial Estate, robust income profile and potential for future asset management, Aztec Centre provided an excellent investment proposition.
“Accordingly, we received strong interest for the property and our client was delighted with the outcome.”
