Savills Investment Management has bought two industrial units on behalf of its Charities Property Fund for £8.965 million. The units comprise two modern detached warehouses located within the established Houndmills industrial area of Basingstoke.
Units 1 & 2 Gemini are circa 28,000 sq ft and 40,000 sq ft and let to Berry Bros and Vodafone.
Angy Benitz, portfolio manager of the Charities Property Fund, Savills Investment Management, said: “The acquisition of these units supports our strategy to acquire assets in supply-constrained locations that provide robust and growing income with a valuable residual land position. They are a further addition to our portfolio of quality assets in core locations and adds to the Fund’s south east industrial weighting.
“This asset has been targeted both for its sound fundamentals and owing to the potential for significant reversion in rent that can be achieved going forward, given the lack of available supply in the area and constrained-development pipeline in the area.”
M1 Agency acted for the Charities Property Fund while Lewis & Partners acted for the vendor.