Shoosmiths advises district council on £7m+ business park unit acquisition
The real estate team at law firm Shoosmiths has advised South Somerset District Council on its purchase of Unit D1, Christchurch Business Park for more than £7m.
The purchase of the 68,327 square foot modern industrial unit at Christchurch Business Park forms part of the council’s investment strategy by providing it with an income to protect its future.
The unit is rented to established tenant Kondor Limited, a marketing and distribution partner for Samsung.
Shoosmiths said the property was chosen by the council as an investment with potential for capital growth, due to a supply and demand imbalance in the Solent industrial market; whilst supplying it with an income stream in the meantime.
The Shoosmiths’ team comprised partner Mehar Patel and associate Georgina Burrows.
Burrows said: “Shoosmiths really enjoyed working with South Somerset District Council to acquire Unit D1 as part of its investment strategy. It is great working with a public sector body who take a pragmatic and commercial approach to their investments.”
Brendan Fisher, investment property project manager at South Somerset District Council, said: “The strength, depth and broad range of real estate legal expertise from Shoosmiths was invaluable in enabling the council to purchase this property. The property meets our aim of securing property in the right locations with established tenants where we can add value to our local stakeholders.”
