RO Group has sold Waterside Place in Southampton’s Town Quay to investment company Signature Properties for £11m.
The waterfront development comprises three standalone office buildings providing 49,649 sq ft over ground and three upper floors.
Two of the buildings were recently comprehensively refurbished and received a 2-star Fitwel rating. The Town Quay site houses additional office buildings as well and retail and entertainment space and a passenger terminal for the Isle of Wight ferry.
Nick Cashmore, investment director at the RO Group, said: “We are delighted to confirm the successful sale of Waterside Place in Southampton. Having recently completed our asset management strategy by concluding the letting of the final suite at a new headline rent, the estate offers the new owners stable income supported by longer term redevelopment potential.
“This transaction reflects our ongoing strategy of unlocking value in our portfolio through opportunistic sales. We now turn our attention to reinvesting the proceeds into strategic acquisitions with focus on the industrial and roadside sectors across the Midlands and South of England.”
Stacey Mahoney, head of commercial property at Signature Properties, added: “We are pleased to have worked with RO on this strategic purchase of Waterside Place which marks a significant milestone for us, aligning with our long-term growth and investment strategy. The property offers exceptional opportunities for expansion and value creation, in its prime location with modern facilities and strong potential, making it a perfect fit for our portfolio.
“We extend our gratitude to the RO Group and CBRE whose expertise and dedication made this acquisition possible, and we look forward to developing and enhancing the property to serve our new tenants. This purchase reflects our commitment to sustainable growth and excellence in real estate investment and management.”
RO Group was advised by CBRE and Womble Bond Dickinson on the transaction.
