A FAREHAM business park has been sold in a multi-million-deal by one of the UK’s biggest asset management companies.

Standard Life Investments with the help Commercial property specialists at Lambert Smith Hampton have acquired Fareham Trade and Business Park for £20 million.

Agents at the firm’s south coast offices acted for the global asset manager in its acquisition of the park for £20,200,000 – the purchase price reflecting a net initial rental yield of under per cent.

The park, in a prominent position fronting on to Fareham Road is the town’s biggest and had recently been redeveloped by Oceanic Estates and offers in excess of 135,000 sq ft of property on 11.3 acres.

Trade park occupiers include KFC, Toolstation, Formula One Autocentres, Encon and Strongroom Self Storage.

An additional vacant plot has consent for a drive-through operator or trade counter/retail unit.

To the rear of the park, business park tenants include Encon and the European headquarters of North Sails plus additional development sites, which are currently let as open storage.

LSH’s marketed the park current rents are between £5.50 and £8 per square foot – considerably lower than existing rents elsewhere on the South Coast, which are heading towards £10 per sq ft.

Jerry Vigus, director of capital markets and industrial logistics at the South Coast offices of Lambert Smith Hampton, said: “The acquisition of this estate offers Standard Life Investments the opportunity to add to their industrial and logistics assets in the area, which have proved successful.

“Through our knowledge of the investment and occupational market, we were able to supply Standard Life Investments the evidence to prove the potential reversion to come from the estate.

“The South Coast remains one of the most sought-after locations within the South East for an industrial/logistics property hence why Standard Life Investments were keen to acquire this asset.”