On behalf of Bournemouth Christchurch and Poole Council, CBRE Southampton has completed the freehold investment sale of one of Poole’s major industrial sites, Wessex Trade Centre for £12.6m, representing a net initial yield of 6.15%.
Wessex Trade Centre is situated three miles to the northeast of Poole Town Centre, in a well-established cluster of commercial units. The 5.29 acre multi-let site comprises 33 units across eight terraces totalling 93,373 sq ft (8,675 m2) all of which are currently occupied with an average unexpired lease term of over four years.
Paul Munday, Head of Investment Acquisition at Telereal Trillium, commented: “The acquisition of Wessex Trade Centre is an excellent addition to our investment portfolio. As one of the largest privately owned property companies in the UK, we have operations across property investment, development and strategic land with a presence in every major city and town in the UK.
“The South Coast is a resilient market where we are active and are confident in its underlying dynamics, which we feel offer a strong base to achieve future investment performance.”
Alex Davies, Investment Associate Director, CBRE Southampton said: “The sale of Wessex Trade Centre is the South Coast’s biggest industrial transaction to date in 2023. The competitive bidding process attracted a number of reputable bidders, highlighting the property’s strong fundamentals coupled with the reversionary income profile.
“CBRE has worked with BCP for a number of years and delivered a strategic transaction that gives significant additional funding to support the Council’s plans for the long-term benefit of region.”