Andover: Evolution 50 warehouse sold in £6m deal

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TBM Team

A 51,000 sq ft industrial warehouse in Andover has been sold for more than £6 million in a deal facilitated by capital market specialists at Lambert Smith Hampton (LSH).

The unit, known as Evolution 50, on the Walworth Business Park, Andover, has been purchased by Canal & River Trust from Test Valley Borough Council/Kier Property. The scheme was the first new-build industrial development completed by Kier Property since a joint venture was formed between Test Valley Borough Council and Kier Property in 2011.

The deal was secured by the South Coast Capital Markets Team at LSH, joint selling agents with JLL. DTRE acted for the purchaser.

The unit is occupied by leading health and beauty manufacturer Laleham Health & Beauty on a 15-year lease at £413,088 per annum – representing a net initial yield of 5.45%.

Jerry Vigus, director – capital markets and industrial & logistics at LSH, said: “Having successfully secured Laleham Health & Beauty as tenants in 2018, we were pleased to secure this deal which represents a superb return on investment for Test Valley Borough Council and Kier Property, and an attractive yield for the new owner.

“Evolution 50 was built specifically to address a lack of supply of good quality industrial space on the South Coast and was the first of its kind to be built in Andover for around 20 years. Deals such as this prove the viability and profitability of speculative industrial and logistics developments, and the huge opportunities for investors that can be found in the region."

TBM Team