Bournemouth Christchurch and Poole Council has sold the Wessex Trade Centre in Poole to Telereal Trillium for £12.6m, representing a net initial yield of 6.15%.
The 5.29 acre multi-let site, which is situated three miles to the north east of Poole town centre, comprises 33 units totalling 93,373 sq ft. All of the units are currently occupied with an average unexpired lease term of more than four years.
Paul Munday, head of investment acquisition at Telereal Trillium, said: “The acquisition of Wessex Trade Centre is an excellent addition to our investment portfolio. As one of the largest privately owned property companies in the UK, we have operations across property investment, development and strategic land with a presence in every major city and town in the UK.
“The South Coast is a resilient market where we are active and are confident in its underlying dynamics, which we feel offer a strong base to achieve future investment performance.”
Alex Davies, investment associate director at CBRE Southampton, which acted for the council on the sale, added: “The sale of Wessex Trade Centre is the South Coast’s biggest industrial transaction to date in 2023. The competitive bidding process attracted a number of reputable bidders, highlighting the property’s strong fundamentals coupled with the reversionary income profile.
“CBRE has worked with BCP for a number of years and delivered a strategic transaction that gives significant additional funding to support the council’s plans for the long-term benefit of region.”
