£7m trade park sale bucks national trend (From Daily Echo)

Winchester business park sold for more than £7m

1:20pm Thursday 16th February 2012 in Hampshire Business By Joseph Curtis

A HAMPSHIRE business park has been sold for more than £7m.

Winchester Trade Park was bought by the Hargreaves Group, represented by national commercial property consultants Lambert Smith Hampton (LSH).

The 50,000sq ft plus park comprises 16 units, with current occupants including Topps Tiles, Carpetright, Sally Hair and Beauty and Bathstore.

It is an easily accessible park situated just off the M3 near Tesco and Homebase and currently has two units available to let, with warehouse space ranging from 2,200sq ft to 4,500sq ft.

Jerry Vigus, director of LSH’s capital markets team, said the purchase had prevented the park, in Easton Lane, Winnall, from going into receivership.

He said: “Aware that the owners of Winchester Trade Park were in distress and that the park was likely to go into receivership, we were able to act quickly and secure the property off market.

“Recognising Hargreaves’ investment interest, we were able to agree terms and complete the deal within tight timescales over the new year.”

John Butt, director at LSH, added: “We expect 2012 to be another tough year, with investors waiting to determine what impact the eurozone debt has had on the UK commercial property market.

“However, the south coast is still relatively resilient to these economic conditions; with occupier activity still remaining fairly strong, and with a general lack of property in all sectors, rental levels are less affected.”