Off-shore investor, Poole Capital, has completed on a trio of disposals comprising 110,000 sq ft of industrial space at Upton Industrial Estate in Poole.
Previously fully let to Walstead Southernprint, Hanover Law acted for Poole Capital in agreeing the complicated lease surrender. Bringing the surrender to a swift conclusion meant that marketing of the units could begin quickly, in order to minimise void periods.
Following a program of works to divide the units and create separate utility supplies, all three units have now been sold to local businesses in a show of confidence for the local industrial market. Selling independently as smaller lots meant the investor was able to achieve a higher capital return, as opposed to selling as one larger site.
James Hewitt, property director at Praxis Real Estate Management acting on behalf of Poole Capital, commented:
“Executing our business plan necessitated swiftly documenting a complex surrender agreement followed by splitting the title to secure a premium exit to three owner occupiers. Mark at Hanover Law played a critical role in dovetailing the four transactions facilitating a swift and seamless exit for Poole Capital.”
Mark Balmforth, solicitor and head of asset management at Hanover Law, said:
“I’m delighted to have worked closely with Poole Capital in relation to this property. Working alongside the client’s asset managers, we were able to ensure this property was ‘ready for sale’ as soon as the previous tenant left. This proactive approach meant we in a position to issue contracts to buyers within one or two working days of a sale being agreed and reflects our ethos of getting to know every property in detail from day one, speeding up the process of selling when the time comes.”
