Colliers International has advised Cabot Properties on the acquisition of Unit C, Logistics City, Basingstoke for £4,400,000 from Kier Property.
The property comprises a brand new industrial unit of 22,886 sq ft, which is let to the leading furniture retailer DFS Trading Limited. Logistics City is strategically located on Houndmills Industrial Estate, providing easy access to the ring road and is adjacent to Junctions 6 & 7 of the M3 motorway.
Michael Williams of Cabot Properties commented: “We are pleased to have concluded the acquisition of Unit C which completes our ownership of Logistics City, Basingstoke, having acquired units A and B in 2019. The scheme provides an attractive diverse income profile, a best in class specification and further increases the South East exposure within our growing core plus portfolio.”
John Hanson, director in the National Capital Markets team at Colliers International, said: “Industrial investments are in high demand across the board as the sector’s occupational story goes from strength to strength. To have secured this investment for Cabot Properties is a positive way to start this year.”
The sale of the final unit crystallises the business plan for Kier Property following the development of the scheme.
Phil Sutton, development director for Kier Property added: “It is great that we are able to announce this news at the start of 2021 which underlines how resilient the industrial sector continues to be during the pandemic. We are looking to expand the Logistics City brand and have a significant land acquisition programme planned this year to extend our development pipeline.”
Kier Property was represented by the Southampton office of LSH.