The units were constructed in the 1980s and amount to 67,700 sq ft on a site of 5 acres offering a low site coverage of 31%. DHL is committed to a new 10 year lease.
Lambert Smith Hampton approached a select number of UK institutions, private property companies and local authority investors with this opportunity and after a best bids process, the asset was sold to a local company, Millbrook Industries Ltd, which owns other assets on the Calmore Industrial Estate, by the end of 2016, the timescale set by DHL.
Jerry Vigus, director of capital markets for Lambert Smith Hampton, explains: "This transaction highlights the continuing demand for industrial/warehouse investments in the South East coupled with the continuing lack of supply of vacant units and rents rising throughout the region. The unit was an older generation building but offered opportunity to add value due to its low site coverage.”
Paul Croll, financial director of Millbrook Industries Ltd, adds: "This purchase represents a fantastic investment opportunity for us and adds to the portfolio of other investment properties we already hold.”