Hansteen sells Ringwood estate for £7.06m
UK and continental Europe-focussed industrial property investor Hansteen Holdings announced the sale of Carvers Trading Estate in Ringwood, north east of Bournemouth on Wednesday for £7.06m, reflecting a net initial yield of 4.93% and a capital value per square foot of £137.
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The FTSE 250 company said the multi-let property comprises 51,346 square feet, benefitting from a “prominent location” in the centre of Ringwood and let to a variety of tenants including Topps Tiles, Screwfix, ATS Euromaster and Howdens.
Carvers Trading Estate was sold to a client of CBRE Global Investors.
“Following refurbishment and improvement works we let the remaining void units to quality covenants at rents over £10 per square foot which moved the estate ERV on by over 20%,” said Hansteen’s UK property director Derek Heathwood.
“The price we achieved is 25% above our December 2016 valuation and the number of bidders shows the market for light industrials remains strong and highly competitive.
“Our UK portfolio of over 17m square foot of light industrial / urban logistic space, is well positioned to deliver continued performance as occupational demand continues to increase with little or no new supply entering the market.”