Southampton 16.47 ha Industrial Investment - long term development opportunity producing £171,481 p.a.
Investment opportunity - approx 16.47 ha (40.68 ac): Millbrook Trading Estate SO15 0DE and Millbrook Technology Campus SO15 0DJ
Southampton City Council is seeking a purchaser of the whole of its freehold investment at Millbrook Trading Estate on First and Second Avenues, Millbrook, Southampton which produces £171,481 pa of rental income. The Estate, dating from the 1950s, extends to 9.31 ha (23 ac) and comprises 38,480 sq m (414,200 sq ft) of industrial, warehousing and showroom tenancies (being a mixture of highly geared variable ground rents, and low fixed ground rents most of which expire in the early 2050s) and rack rented car parking spaces on shorter leases. Given the varied nature of the income streams the council is not quoting a guide price for the investment sale.
The council is looking for a single buyer of the whole Estate who will be able to tap into potential medium and long term redevelopment opportunities to improve the estate, enhance the manufacturing base, and also introduce public realm improvements.
Adjoining the Millbrook Trading Estate, the Council is offering the freehold of the Millbrook Technology Campus site, which is let to Philips Semiconductors UK Limited on a 999 yr lease at £1pa. This freehold, of approx 7.16 ha (17.68 ac) containing approx. 32,550 sq m (350,000 sq ft) of Industrial/Warehousing, Offices, and Research and Development space, is being packaged with the main Millbrook Trading Estate investment.
Offers for the freehold interest of the property are invited by 12 noon on Wednesday 20 April 2011. Only bids submitted on the council’s standard Form of Tender will be considered. No other form of offer will be considered. The form of tender, is included within an additional information and legal pack on CD, which also contains copies of title documentation, leases, and other relevant documentation.
Image shows: Aerial view of investment site at Millbrook
Image copyright: Capita Symonds/Southampton City Council
To request a copy of Southampton City Council's standard Form of Tender and the information pack:
Contact: David Reece, Capita Symonds
Tel: 023 8083 2796
Email:david.reece@capita.co.uk
Address: CAPITA SYMONDS, 3rd Floor, One Guildhall Square, Above Bar Street, Southampton, SO14 7FP
