Vail Williams has acquired and been appointed to manage a thriving trade park in one of the largest urban conurbations in the UK.
Poole Trade Park, which has just been purchased for £7.7 million and covers 36,175 sq ft, comprises 10 modern trade counter units.
Generating a total rental income of £424,509 per annum, equivalent to £11.73 a sq ft, occupiers are Tile Giant, Toolstation, Rowley Aluminium, MPH Merchant, Leafcutter Design, UK Plumbing Supplies, Newglaze Windows and Williams Trades Supplies.
Hargreaves Group, a family-owned investment and development company specialising in commercial and residential property in the South-East, bought the freehold of the multi-let trade park at Innovation Close, Poole, Dorset.
The purchaser was advised by Vail Williams and Sterling Real Estate IM; Lewis Ellis represented the vendor, Eskmuir.
Russell Miller, Vail Williams’ South Coast Regional Managing Partner, led the successful acquisition for an important existing client.
He said: “This is an exciting opportunity for Hargreaves and for Vail Williams, continuing our strategic growth plan for managing high-quality property assets in the region.”
Ben Duly, a Senior Surveyor at Vail Williams’ office in Bournemouth, helped advise on the freehold commercial property transaction, one of the biggest by value in the region in several years.
He said: “Vail Williams has been appointed by Hargreaves Group, the new owner of Poole Trade Park, to proactively manage the estate in order to maximise its income potential.
“There is a lack of quality industrial stock in the Bournemouth, Christchurch and Poole conurbation, the 10th largest in the UK with 52,000 businesses and nearly 400,000 people.
“That dynamic presents an array of new revenue opportunities here at Poole Trade Park, which also has low site coverage of 45% on 1.86 acres.
“Trade and industrial has weathered the UK’s permacrisis relatively well, with e-commerce, trades, food delivery services and home improvement driving occupancy demand for modern trade counters.”
Tim Wilmer, Investment Director, Hargreaves Group, said: “Poole is an affluent and well-connected coastal town.
“We believe that headline rents in Poole and prime South-East locations will continue their upwards trajectory due to a lack of supply of quality industrial stock.
“The investment of Poole Trade Park offers us both income growth and the opportunity to set new headline rents through active asset management ensuring a good tenant mix and improving the visibility of the site.”
Alastair Skinner, Managing Director, Hargreaves Group, said: “The acquisition of Poole Trade Park is an example of delivering on our ongoing growth strategy with a focus on the South-East.
“We continue to look for similar opportunities where occupational market dynamics remain tight and we can deliver performance through asset management, refurbishment or development as we look to bolster our portfolio with further industrial, office and retail warehouse assets across the South-East.”
Units at Poole Trade Park range in size from 2,964 sq ft to 5,034 sq ft.