A multi-let industrial investment in Dorset has been bought by property consultancy Vail Williams on behalf of a client.
Aztec Centre, comprising 16 units ranging from 504 sq ft to 1,632 sq ft, is at 26-56 Nuffield Industrial Estate in Poole.
Marketed with a guide price of £2.13m, the freehold estate is fully occupied with a current total rental income of £165,878 per annum.
Bryony Thompson, a partner at Vail Williams in Dorset, said: “We have property investment companies looking to purchase multi-let industrial estates in the BCP conurbation, home to more than 18,000 businesses and a population of 404,000, and Aztec Centre met the search requirements of our client Meyson Properties in Ringwood, Hampshire.
“Whilst the price paid is undisclosed, by way of example, a purchase at the marketing guide price of £2.13m would reflect a net initial yield of 7.33 per cent after allowing for standard purchasing costs. Rents also increase this October to a total of £168,310 per annum, further increasing the yield.”
She added: “The purchase of Aztec Centre by Meyson Properties, a local property investor and developer, is the latest transaction where we have advised clients on either the buying or selling of multi-let industrial estates.”
Rents for the Aztec Centre units, totalling 14,160 sq ft, range from £10.50 per sq ft to £13.48 per sq ft.
Acting for the seller, a private company, was Sibbett Gregory in Poole, Dorset.
Alastair Knott, director of Sibbett Gregory, said: “Good quality, multi-let industrial estates have remained popular with investors.
“With its superb location at the heart of the Nuffield Industrial Estate, robust income profile and potential for future asset management, Aztec Centre provided an excellent investment proposition.
“Accordingly, we received strong interest for the property and our client was delighted with the outcome.”