Bamfurlong Industrial Estate sold to commercial real estate giant
A COMMERCIAL real estate giant has bought Bamfurlong Industrial Park, next to Gloucestershire Airport, for almost £3.5 million.
A Bristol-based investment team from Hartnell Taylor Cook LLP acquired the industrial estate on behalf of clients CBRE Global Investors.
The final fee was £3.475 million.
The industrial estate off Bamfurlong Lane currently comprises 28 industrial units which occupy more than 200,000 square feet of property on a 15-acre site.
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Ian Lambert, investment partner at Hartnell Taylor Cook LLP, said: "This is an excellent acquisition. The property occupies a unique position next to Gloucestershire Airport, and with most ground leases falling in within the next 20 years, the opportunity to improve rental income and drive asset management initiatives is very real.
"The price paid is more than underpinned by site value and vacant possession values."
The industrial units on site are predominantly let on medium-term ground rates.
The estate generates a total income of £238,524 per annum.
Bernard Trott, manufacturing manager at Stanmar Limited, an aerospace company based in the industrial estate, said: "Obviously this will have some significance for us and we need to find out some more of the details.
"We need to make sure that the future of the business here is secure. There are some very lucrative businesses here.
"There are many businesses here which are thriving: everyone here is really busy."
Jeff Rowles, director of nearby Senior Steel, said the estate was "not doing too badly".
He also believes the business is secure, saying: "As far as we know things are no different.
"It is just a change of ownership.
"It shouldn't affect anything that we are doing."
CBRE previously owned Coronation Square in Hester's Way and was criticised for "doing nothing" to improve the centre before it sold it earlier this year.