Dorset industrial estates sold
20 June 2019Advised by Avison Young, the freehold sale of two industrial estates in Bridport, Dorset, has been completed.
Sold by the Fowler family, who have owned the estates for decades, the combined sales reached almost £6million. Following substantial investment and modernisation, the fully occupied estates generate a combined annual rental income of £480,000 from their 55 tenants, all of whom will remain in occupation under the new ownerships.
The two modern industrial estates are centrally located and form part of Bridport’s rope-making past.
Dreadnought Trading Estate, which sits on 3.56 acres of land in the centre of Bridport and comprises 30 units over 50,544 sq ft, was sold to Crowndale Estates (Tavistock) Ltd.
The historic 25-unit North Mills Trading Estate provides 42,085 sq ft of accommodation, including a listed building - the longest remaining rope walk structure in the market town. It has been sold to real estate management company Busby & Busby Ltd.
Commercial real estate services firm Avison Young advised on the sale, alongside Thrings providing legal support.
Richard Howell, Avison Young Principal, Investment, in Bristol said: “As the sale of the Fowler trading estates shows, we are seeing a rise in demand for well-managed multi-let industrial assets in the South West region.”
Michael Fowler said: “After many joyful decades developing and running these enterprises, it was time to pass them on. We are incredibly pleased that our former tenants will continue to be well looked after by Busby & Busby and Crowndale Estates’ management.”
Charlie Wakefield, legal director at Thrings, said: “Well located, maintained and popular with local and regional tenants, it’s no surprise the estates generated substantial interest.”
