TT Group continues industrial investment with the acquisition of multi-let trade park in Poole
We have acquired a leading industrial estate on the south coast with its £12.6m purchase of Wessex Trade Centre from Bournemouth, Christchurch and Poole Council.
Located three miles northeast of Poole Town Centre and close to major transport routes, Wessex Trade Centre is a well-connected and established trade estate, multi-let to a mix of 29 tenants including numerous national occupiers.
The 5.29 acre site comprises 33 units across eight terraces totalling 93,373ft2 (8,675m2), all of which are currently occupied, generating an annual rent of £820,000 with an average unexpired lease term of over four years.
Wessex Trade Centre represents our latest industrial acquisition by our property investment team, which is active across the UK, targeting single assets to portfolios. Wessex Trade Centre offers strong reversionary potential and immediate opportunities for us to add significant value through our in-house asset management capability.
Paul Munday, Head of Investment Acquisitions commented: “Wessex Trade Centre is another excellent addition to our portfolio and typifies the profile of investment opportunity where I believe our asset management team can apply its breadth of experience to add value identified as part of the business plan.
Our view is that occupier demand will remain consistent for these types of smaller units, and for strong locations, there is still untapped rental growth to come through.”
We were advised by Lambert Smith Hampton, and the vendors were represented by CBRE.