Kingsbridge Estates has completed the £8.8m sale of the 82,000 sq ft Unit 1 at Chichester Food Park, West Sussex.
Chichester Food Park is managed by Kingsbridge on behalf of a consortium of owners. The sale comes after we extended the unit, added revenue-generating solar panels to its roof and negotiated a new 20-year lease with the tenant who will continue to operate from the unit.
The sale price of the virtual-freehold interest in Unit 1 represents a net initial yield of 6.24% and reflects the renewed lease arrangement, indexed rental uplifts and anticipated income from the solar panels.
Chris Fry, Chief Executive of Kingsbridge Estates, said: “This transaction demonstrates our all-round asset management capabilities. Having maximised the value of the unit, we have now sold, enabling us to reinvest in new developments and value add opportunities.
“These projects include a multi-unit industrial/warehouse scheme under way at Concorde Park, Segensworth, and a multi-unit scheme at New Lane, Havant, for which we have recently obtained planning consent.”