Property consultancy Vail Williams has sold a multi-let industrial investment in Dorset on behalf of the private owner. Shaped in a horseshoe, Manor Park at 35 Willis Way, Poole, comprises 17 industrial/warehouse units.
They range in size from 708 sq ft to 2,162 sq ft and provide nearly 20,000 sq ft in total. The freehold interest was sold to a London-based property investment company, with 11 units let and one vacant, with five of the 17 sold off on long leaseholds.
Rents for the units on the freehold interest range from £10.97 sq ft to £14.01 sq ft. Tenants include Finish It, Sign Tech Graphics, BKC Karting, Millturn CNC, JR Motors, RB Autocare and Justell Engineering.
Ben Duly, an associate at Vail Williams’ South Coast offices, acted on behalf of the seller, a property development company based in Cheshire. He said:
“We were instructed to market Manor Park, located within the sought-after Fleets Industrial Estate, on behalf of the freeholder. Following the marketing campaign, a private property company purchased the freehold property for an undisclosed seven-figure sum."
“Rental income on the occupied freehold units is currently £180,717 per annum. Only one of the freehold industrial/warehouse units is vacant."
“We have been appointed to market unit 12, at 2,188 sq ft, with a quoting rent of £27,350 per annum, equivalent to £12.50 a sq ft, and we anticipate keen interest. Offers for the long leasehold interest will be considered on unit 12."
“With eight allocated parking spaces, the unit is being refurbished, including with a new steel-clad insulated roof. Furthermore, planning permission has been granted for direct access off Willis Way.”
Manor Park has units of steel portal frame construction, with a mix of old and new steel-clad roofs with brick and part steel clad elevations; they have roller shutter doors, personal doors and three-phase electricity.
Solicitors Aaron & Partners LLP in Chester acted for the vendor and Hamlins LLP in London for the purchaser. Property agency PK3 Agency in Manchester acted for the purchaser.
