Sirius Real Estate buys Southampton park for £40.5m

Sirius Real Estate has exchanged contracts to acquire Southampton Business Park for £40.5 million. The acquisition includes an established business park and an adjoining 4.5-acre development plot. The park comprises 267,073 sq ft of warehousing and 126,511 sq ft of outdoor storage, plus a solar farm. The freehold asset is 80% occupied and generates £2.1 million in net operating income. Vacant units are expected to add another £500,000 to the rent roll. The site also has planning consent for approximately 69,000 sq ft of new industrial space, potentially adding £800,000 of rental income, and the adjacent land plot has outline planning permission for approximately 40,000 sq ft of commercial space. The acquisition brings Sirius's recent purchases to over €100 million.