Fareham: Titchfield Park acquired for £6m
One of the largest industrial investment deals of its kind in Hampshire in recent years has taken place.
Titchfield Park, Fareham, has been acquired by Highcross for just over £6m, representing a yield of 8.22% after purchaser’s costs.
The virtual freehold of the 121,690 sq ft (11,305 sq m) industrial estate, which comprises five industrial units, was sold by the Greater Manchester Pension Fund (GMPF), which was represented by regional real estate adviser Hughes Ellard.
Highcross, represented by Capita Symonds in the deal, also owns 1000 Lakeside, North Harbour, Portsmouth, home to 70 companies and organisations, and the fully occupied Burlington House at Botleigh Grange Office, Hedge End, near Southampton.
Titchfield Park was a speculative development built in the early 1990s by Pilkington Pension Fund before it was sold on to GMPF.
Current occupiers are glass merchants Nicholls & Clarke, with one unit, and aircraft avionics manufacturer Meggitt Avionics, with three units.
They are unaffected by the deal.
A fifth vacant unit, at 36,000 sq ft (3,344 sq m), pictured, is to be extensively refurbished by Highcross, a property fund manager specialising in property investment and development opportunities, from serviced offices to industrial estates and business across the UK.
Russell Mogridge, the business space director at Hughes Ellard, which has offices in Southampton and Fareham, said: “This is one of the largest industrial investment deals of its kind in Hampshire in recent years and shows the long-term market confidence in the industrial sector by Highcross.
“We are confident that, following extensive refurbishment, Tichfield Park will soon be fully occupied. There is a dearth of high-quality industrial units on the Solent Corridor, with the shortage inevitably translating to demand, especially when the economy picks up.”
Henry Fry of Highcross said: “Titchfield Park has a steady stream of income from two highly respected occupiers and the acquisition is an indication of our long-term strategy for sensible commercial property investments on the South Coast. We will now look to refurbish unit 5 as part of our rolling commitment to upgrading properties within our extensive portfolio.”
Hughes Ellard has been retained by Highcross as the letting agent for Titchfield Park. Details of rental income from tenants have not been disclosed.
Hampshire County Council owns the ground lease but it is, in essence, a virtual freehold because of the 125-year length of the lease term.
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