Thrings and Avison Young have advised on the sale of two industrial estates in Bridport, Dorset.
Centrally located, the two modern industrial estates form part of Bridport’s rope making past. Following substantial investment and modernisation, the fully occupied estates generate a combined annual rental income of £480,000 from their 55 tenants, all of whom will remain in occupation under the new ownerships.
Sold to real estate management company Busby & Busby Ltd, the historic 25-unit North Mills Trading Estate provides 42,085 sq ft of accommodation, including a listed building: the longest remaining rope walk structure in the market town.
Dreadnought Trading Estate, which sits on 3.56 acres of land in the centre of Bridport and comprises 30 units over 50,544 sq ft, was sold to Crowndale Estates (Tavistock) Ltd. Attracting considerable interest, the sales significantly exceeded the collective asking price.
Providing legal support to the sellers, Michael Fowler and his family, were long-standing and trusted advisers Thrings, specifically: legal director, Charlie Wakefield and solicitor, Alice Paye, both in the Bath-based commercial property team.
Michael Fowler said: “After many enjoyable decades developing and running these enterprises with my family, it was time to pass them on. The team at Thrings, as always, oversaw the complex legal process expertly and diligently, allowing us to progress the deals at a good pace.
We wish all the tenants, Crowndale Estates and Busby & Busby a very happy and prosperous future.”
Charlie Wakefield said: “Well located, maintained and popular with local and regional tenants, it’s no surprise the estates generated substantial interest. We have enjoyed working with the enterprising Fowler family for many decades and are delighted to have assisted them with their latest commercial transactions.”
Advising on the marketing of the estates was Richard Howell of Avison Young, formerly GVA.
Richard said: “As the sale of the Fowler trading estates shows, we are seeing a rise in demand for well managed multi-let industrial assets in the South West region. With businesses continuing to stockpile in the face of Brexit, the Fowlers sold their prime warehousing space at just the right time.”