Portsmouth industrial estate sold for £1.6m
A multi-let industrial estate comprising eight units in Portsmouth has been sold for £1.6 million to a private property company.
The site at 8 Marshlands Road, Farlington, just off the A27, was previously owned by London-based Kemble Estates.
It covers 0.9 acres with a 17,500 sq ft gross internal area, and its six tenants generate £126,819 per annum in gross income.
Russell Miller, regional managing partner for the South Coast at Vail Williams, represented Kemble Estates in the sale.
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He said: “There’s 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 £1.6 million, representing a gross rental yield of nearly 8 per cent, with one unit vacant, for the new owner. There are opportunities to add value to the estate as well.
“It’s been a pleasure acting for Kemble Estates, with everyone involved in the investment disposal process acting to the letter.”
Property investment specialist James McFeely of Edward Charles Real Estate acted on behalf of the buyers.
James added: “We were delighted to source this off-market, value-add industrial opportunity for our clients and work closely with Russell 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.”
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