Walton Rd - Portsmouth

News - 08/04/2024

Prime South Coast Industrial Asset Acquired for £6.3m

Acting on behalf of Orchard Street Investment Management Lambert Smith Hampton has sold an Industrial / warehouse unit in Portsmouth for £6.3 million to a managed fund at Nuveen

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The 57,406 sq ft detached warehouse is let to City Technology Limited until December 2025 at a current passing rent of £489,000 pa.

City Technology is the world's leading provider of life saving gas sensing solutions and has around 280 staff on site at its Portsmouth headquarters, which it has occupied since 1991.

The building is located on Walton Road, Portsmouth in an established commercial area and strategically located adjacent to the A27, which provides easy access to the M27 and A3(M).

Jerry Vigus, senior director at LSH, said: “This represented a rare opportunity to acquire a freehold industrial asset in a market that is experiencing high occupier demand and potential for further rental growth let to an occupier who has long been established in the city”.

The vendor, Orchard Street IM, was advised by LSH while the purchaser, Nuveen, was represented by Stonehill Partners.

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