M7 Real Estate has sold a 20,241 sq ft unit at High Post Business Park, Salisbury, on a long leasehold to Global Art Supplies.
The family-owned company that has been importing fine art materials from around the world into the UK since 1999 has acquired Unit 2 at the Business Park on a new 900-year lease for capital value equating to £45.30 per sq ft.
The business is relocating from its current base in Amesbury, to make High Post Business Park the new headquarters.
High Post Business Park, which is located five miles north of Salisbury with direct access to the A345, was acquired by M7 in January 2015 with a void rate of 100%. Since acquisition, M7 has carried out a complete refurbishment of the 210,000 sq ft estate to provide 10 individual units. The units have been completed to a shell finish so that each is ready for a tenant to fit out to their own requirements.
The estate is now 66% occupied and other tenants on site include Major Tom, Foray Motor Group and Kong Company.
John Murnaghan, head of UK asset management, said: “This sale to Global Art Supplies, one of the UK’s leading distributors of the world’s most prestigious art brands, is testament to our successful asset management strategy, creating a secure and self-contained high-quality business park that is now 66% occupied.
Credit: CoStar
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