Commercial property developer, Kingsbridge Estates, has completed the £23.4 million sale of Concorde Park, its high-quality industrial and logistics scheme at Segensworth, near Southampton. The sale price reflects a net initial yield of 3.79%.
The sale to Nottinghamshire County Council Pension Fund, advised by abrdn, comes just over a year after Kingsbridge finished construction of the speculatively built 91,000 sq ft site in December 2020.
The scheme, which comprises 10 units ranging from 3,000 sq ft to 20,000 sq ft, is sold with 75% of units let to a mix of quality occupiers including specialist parts manufacturer Polycast, parcel and delivery company Delivered, agricultural technology business Agform, and international product testing and certification specialist TÜV SÜD. One of the remaining three units is under offer to let.
Chris Fry, Chief Executive, Kingsbridge Estates, said: “The Concorde Park development exemplifies our strategy of developing high-quality, sustainable workspaces, meeting the huge and growing demand for urban logistics, investing in our region and providing employment opportunities for people in the communities we work in.
“We are especially proud to have delivered this fantastic result with a project that began life before the pandemic and has thrived despite the challenges of the past two years. This sale will support our ongoing plans to re-invest in quality commercial schemes as we continue to grow as a leading developer in south of England.”
Kingsbridge Estates continues to seek value-add opportunities for investment and development of commercial schemes across the south of England.
Greg Lukasiewicz, Investment Director, Kingsbridge Estates, added: “We are delighted to have completed this transaction, the value of which reflects the fact that our region is thriving as a great place to live, work and do business. Thanks are due to the team at Kingsbridge Estates and to the advisors we worked with to achieve such a positive result.”
Michelmores were legal advisors to Kingsbridge Estates, while Kimmre acted as sale agents. CBRE and Vail Williams are letting agents for Concorde Park.