Mountgrange Real Estate Opportunity Fund has bought a 27.3-acre industrial site in Poole, Dorset, from Highcross for £24.12m.
Mountgrange has purchased the Fleets Corner industrial estate, which comprises 550,000 sq ft of sheds and two separate office buildings, plus around 14 acres of free space.
The estate, which was purchased at a net initial yield of more than 8.5%, is over 90% let.
Mountgrange senior partner Martin Myers said: “Fleets Corner industrial estate is located in an affluent area but is not overdeveloped, and we see plenty of opportunity to meet local demand.”
Highcross director James Beresford said: “We are delighted to achieve this sale in a challenging market. Since purchase we have enhanced the income profile, adding 60% to the passing rent.”
XLB Property, Grant Thornton and Travers Smith advised Mountgrange on the deal; King Sturge acted for Highcross.
nick.whitten@estatesgazette.com
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