News - 16/10/2019

Legal & General sells key logistics unit for £14.65m

Investment specialists at Lambert Smith Hampton (LSH), on behalf of Legal & General, have secured the £14.65m sale of a prime 100,000 sq ft warehouse unit at Nursling, Southampton.

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LSH completed the sale of the property at Unit 43, Majestic Road to CBRE Global Investors on behalf of West Midlands Pension Fund via a best bids process, advised by CBRE. 

The unit is occupied by speciality global metals distributor TW Metals which has a long-term option on the lease of the property.

Will Edwards, Senior Fund Manager at Legal & General, said: “We received strong interest for this asset through a competitive bid process and as a result have secured strong returns for our investors.”

Jerry Vigus, Director – Capital Markets at LSH’s south coast office, said: “This was a hotly-contested sale, given the site’s prime location, quality of the tenant and high rental yield.

“Despite the uncertainties of the UK economy, the industrial and logistics sector on the south coast remains very active as investors are attracted to the robust occupational market. We are pleased to have secured this sale which represents a very positive outcome for seller and purchaser alike.”

Lambert Smith Hampton, which has offices in Fareham and Southampton, is a multi-award-winning commercial property specialist and has the largest transactional team in the Solent region, with 13 specialists working in the industrial property, office space, retail, leisure and investment markets. 
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