A HUGE Hampshire warehouse has been sold for £6 million.
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 after it entered into an agreement to with Test Valley Borough Council in 2011 to develop the site.
Evolution 50 was built specifically to address a shortage 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.
The deal was secured by the South Coast Capital Markets Team at Lambert Smith Hampton (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: “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."
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules here