We have completed the sale of Radial 27, a 70,000 sq ft 'last-mile' distribution unit located in Fareham, Hampshire on behalf of our clients M&G Real Estate to buyer Urban Logistics REIT Plc.
The unit attracted significant interest, before being sold above the initial asking price for a value of circa £10.9m. The property is currently let on a 5 year lease (with a 2.5 year break clause in March 2023) to a global internet based distribution business.
Radial 27 is situated within the popular Segensworth Industrial Estate, located just 4 miles to the west of Fareham town centre. New development planned within Segensworth has cemented the areas position as a prime industrial area, located midway between both Portsmouth and Southampton.
Jerry Vigus, Director - Capital Markets and Industrial & Logistics commented:
"Following the letting of the unit, we are pleased to have acted for M&G Real Estate on the sale. This latest acquisition only goes to highlight the strength of the industrial and logistics market in the South Coast despite the year of challenges we have faced."
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