Shoosmiths real estate team advises South Somerset District Council on £7 million acquisition
July, 2019 - Solent, England
The award-winning real estate team at UK law firm Shoosmiths has advised South Somerset District Council on its purchase of Unit D1, Christchurch Business Park for more than £7 million.
South Somerset District Council serves a large, rural area of 370 square miles, with borders ranging from Devon, Wiltshire and Dorset to the Somerset Levels. The council’s vision is to be a place where businesses flourish, communities are safe, vibrant and healthy and where residents enjoy good housing and cultural, leisure and sporting activities.
The purchase of the 68,327 square foot modern industrial unit for £7,050,000 at Christchurch Business Park forms part of the council’s investment strategy by providing it with an income to protect its future. It is rented to established tenant Kondor Limited, a marketing and distribution partner for Samsung.
The council is focused on finding value within a competitive market to meet its current £2.2 million income shortfall to continue the provision of essential public services. 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 Mehar Patel, partner and Georgina Burrows, associate, who are both part of Shoosmiths’ national team of real estate legal experts working together seamlessly from 13 locations across the UK.
Georgina 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.”
