Double success for Kingsbridge in sale of Havant business park & Fleet office for combined £17.5m

Commercial property developer Kingsbridge has made two successful sales in Hampshire recently totalling £17.5 million.

The lion’s share came courtesy of Spring Business Park, its speculatively built industrial warehouse development in Havant, which was bought for £14.7 million by a local authority pension fund.

Completed in 2021, the park comprises 12 warehouse units and achieved 100 per cent letting to 10 tenants with the assistance of agents Vail Williams and CBRE.

CMS and Michelmores provided legal advice on the sale.

The other recent success was Linea House at Ancells Business Park in Fleet – acquired by Kingsbridge in 2016 and extensively refurbished under its management.

With six tenants secured by Hurst Warne and LSH, the property sold to a family trust pension fund for £2.8 million via online agency Singer Vielle.

Penningtons Manches Cooper were legal advisers for Kingsbridge.

Greg Lukasiewicz, investment director at Kingsbridge, said: “These two sales are great results for Kingsbridge, enabling us to recycle capital having completed our business plans for both projects.

“Spring Business Park is a prime, fully let, reversionary asset that met demand for high-quality industrial workspace, while the sale of Linea House against a challenging office investment market demonstrates our capability to add value and provide the right product to satisfy occupiers and investors while achieving our return targets.

“The two sales have generated capital which will be redeployed into new projects in line with our mission to be the leading provider of exceptional workspaces across the South.”

• kingsbridgeestates.co.uk