Hansteen Holdings, the investor in UK and continental European industrial property, announces the sale of Carvers Trading Estate in Ringwood, northeast of Bournemouth for €7.64m (£7.06m), reflecting a NIY of 4.93% and a capital value per ft² of €148.3 (£137).
The multi-let property comprises 51,346 ft² which benefits from a prominent location in the centre of Ringwood and is let to a variety of tenants including Topps Tiles, Screwfix, ATS Euromaster and Howdens.
Derek Heathwood, UK Property Director for Hansteen said: “Following refurbishment and improvement works we let the remaining void units to quality covenants at rents over £10 per sq. ft. which moved the estate ERV on by over 20%. The price we achieved is 25% above our December 2016 valuation and the number of bidders shows the market for light industrials remains strong and highly competitive. Our UK portfolio of over 17m sq. ft. of light industrial / urban logistic space, is well positioned to deliver continued performance as occupational demand continues to increase with little or no new supply entering the market.”
Carvers Trading Estate was sold to a client of CBRE Global Investors who, in turn, were advised by CBRE. Knight Frank advised Hansteen on this transaction.
