South Coast commercial property agent Lambert Smith Hampton (LSH) has successfully negotiated the sale of part of Chichester Business Park for £16 million.
Two warehouses totalling 86,305 sq ft and 44,819 sq ft, together with an adjoining 0.67-acre plot of development land, have been purchased by Aberdeen Standard after LSH and joint agents Flude Commercial facilitated the sale on behalf of the landowner.
The site is home to successful global brands Carte Blanche and Philips Respironics, while the adjacent plot has the potential for the development of a 10,000 sq ft unit.
Tom West of Seaward Properties, joint venture partners in Chichester Business Park, said: “We are very pleased to have secured the sale to Aberdeen Standard. The Partnership will re-invest the money in the park, where we have already secured a pre-let to JRP Distribution and will soon be submitting a planning application for a new phase of industrial and warehouse units.”
Jerry Vigus, director – capital markets for the South Coast team of LSH, helped to lead the deal and said the significant investment reflected the growing strength of the industrial market in West Sussex.
He said: “We’re pleased to have been able to secure a deal that delivers a strong return on investment for the vendor and an attractive yield for Aberdeen Standard.
“The new owners were undoubtedly attracted to the park’s growing reputation as one of the best premium-quality sites in West Sussex for industrial distribution and logistics.
“With investor confidence remaining high and continued demand for industrial investment opportunities, it’s certainly good news for the South Coast economy as we begin 2019.”
The 19-acre Chichester Business Park, at Tangmere, is close to the A27 and includes major occupiers Philips Respironics, Carte Blanche, the South East Coast Ambulance Service and Leki Aviation.