THE developer of an industrial and warehouse scheme off the M27 has sold it for more than £23million.

Concorde Park, near the motorway’s junction nine at Segensworth, consists of 10 units, three quarters of which have been let.

Commercial property developer Kingsbridge Estates announced it had completed the sale for £23.4m to Nottinghamshire County Council Pension Fund, representing an initial yield of 3.79 per cent.

The sale comes just over a year after Kingsbridge finished construction of the speculatively built 91,000sqft site.

Current occupiers at the park include parts manufacturer Polycast, parcel and delivery company Delivered, agricultural technology business Agform and international product testing and certification specialist TUV SUD.

Chris Fry, chief executive of Kingsbridge Estates, said: “The Concorde Park development exemplifies our strategy of developing high-quality, sustainable workspaces, meeting the huge and growing demand for urban logistics, investing in our region and providing employment opportunities for people in the communities we work in.

“We are especially proud to have delivered this fantastic result with a project that began life before the pandemic and has thrived despite the challenges of the past two years.

“This sale will support our ongoing plans to re-invest in quality commercial schemes as we continue to grow as a leading developer in south of England.”

Units at the park range from 3,000sqft to 20,000sqft and one of the remaining three units is under offer to let.

Kingsbridge Estates said it continued to seek opportunities for investment and development of commercial schemes across the south,

Greg Lukasiewicz, investment director at Kingsbridge Estates, said: “We are delighted to have completed this transaction, the value of which reflects the fact that our region is thriving as a great place to live, work and do business.

“Thanks are due to the team at Kingsbridge Estates and to the advisors we worked with to achieve such a positive result.”

Michelmores was legal adviser to Kingsbridge Estates, while Kimmre acted as sale agents. CBRE and Vail Williams are letting agents for Concorde Park.