Hargreaves Group, a private family-owned investment and development Company specialising in commercial and residential property across the South East of England, today announces the acquisition of Poole Trade Park for £7.7m from Eskmuir Properties.
The 36,175 sq ft trade park situated three miles north of Poole town centre provides ten modern trade counter units let to a mixture of national and local occupiers including: Tile Giant, Toolstation, Rowley Aluminium, and UK Plumbing Supplies. The acquisition reflects a net initial yield of 5.2%.
Tim Wilmer, Investment Director, Hargreaves Group comments: “Poole is an affluent and well-connected Coastal Town. We believe that headline rents in Poole and prime South East locations will continue their upwards trajectory due to a lack of supply of quality industrial stock. The investment of Poole Trade Park offers us both income growth and the opportunity to set new headline rents through active asset management ensuring a good tenant mix and improving the visibility of the site.”
Alastair Skinner, Managing Director, Hargreaves Group comments: “The acquisition of Poole Trade Park is an example of delivering on our ongoing growth strategy with a focus on the South East. We continue to look for similar opportunities where occupational market dynamics remain tight and we can deliver performance through asset management, refurbishment or development as we look to bolster our portfolio with further industrial, office and retail warehouse assets across the South East.
Hargreaves was advised by Vail Williams and Sterling Real Estate IM, Lewis Ellis represented Eskmuir.