Wartsila, 4 Marples Way, Kingscroft Business Park, Havant, PO9 1NX
Franck Steier Price has recently completed the sale of a single let detached industrial unit on behalf of CBRE Global Investors.
The industrial unit was located on an established industrial estate just to the north of the A27. The tenant had been in occupation since 1983. The unit extended to 38,914 sqft. The property was let to Wartsila UK Ltd on a lease expiring in June 2019. The current passing rent was £238,800 per annum (£6.14 per sqft).
The purchase price of £3,000,000 reflected a net initial yield of 7.5% after purchaser’s costs of 5.80%.
The property was purchased by Helical Bar who were represented by Tudor Toone.