Highcroft sells Southampton warehouse – Highcroft Investments has announced the sale of its long leasehold interest in a property on the Nursling Industrial Estate, Southampton.
The property comprises a warehouse unit of 25,300 sq ft, on a 1.45 acre site. It is occupied by Metabo (UK) Ltd on a lease expiring in September 2020 producing an income of £184,000 a year. The sale price was £3,670,000 which represents a net yield of 4.7%. The property was acquired by Isle of Wight Council.
Commenting on the sale, chief executive Simon Gill said: ‘The board decided to take advantage of the strongest sector of the market and were pleased to achieve sale proceeds that were £945,000 (34.6%) in excess of the June 2018 valuation. The board intends to reinvest the proceeds to obtain an enhanced yield and a longer income stream. This sale is part of our strategic process of continually reviewing our portfolio to maximise performance‘
HCFT : Highcroft sells Southampton warehouse