Real estate adviser, GVA has successfully disposed of a single let office campus at Grange Road Business Park in Christchurch, Dorset, on behalf of clients of LaSalle Investment Management.
The property which totals 150,191 sq. ft. sold to an income focused mandate of Trinova Real Estate for £24,200,000. Let in its entirety to BAE Systems Ltd, the property has an unexpired lease term of circa 14.5 years and is subject to five yearly RPI reviews.
Grange Road Business Park is situated to the east of Christchurch town centre and consists of 6 core buildings together with a number of smaller ancillary storage and maintenance units. The business park occupies an area of approximately 9 acres and is well located with Bournemouth Airport only 4 miles away.
Mark Beaumont, Senior Director, Investment at GVA commented: “Demand for secure long dated income has strengthened considerably over the last 12 months and the property generated good interest from a range of investors.”
Chris Fry at LaSalle Investment Management said: “We are pleased to be able to take advantage of the strength of the market for long income investments to complete this sale at substantially above our valuation and expectations.”
Sam Resouly at Trinova Real Estate said "We are delighted to complete the acquisition of this asset which provides long term, secure income underpinned by an attractive residual site value.”