Eastbourne industrial premises changes hands
Property consultants Vail Williams have completed the sale and leaseback of a 28,500 sq ft industrial premises in Eastbourne.
Acting on behalf of private equity group, Cairngorm Capital Partners (Cairngorm Capital), advisers from Vail Williams’ London office secured the sale to a private pension scheme for an undisclosed sum.
Located one mile north of Eastbourne town centre at Courtlands Road, the premises formed part of the wider Stamco portfolio acquired by a Cairngorm Capital portfolio company in June this year.
Together with the acquisitions of Parker Building Supplies, Fairalls Builders’ Merchants Limited and Chandlers Building Supplies, the acquisitions created the largest independent builders’ merchant group in the South East.
This deal to dispose of Unit 8 Courtlands Road will see the building leased back to Sussex Turnery & Moulding Company Limited (Stamco), from the buyer on a 20-year lease.
Toby Yates, senior surveyor at Vail Williams said: “We are delighted to have supported Cairngorm with this sale and leaseback transaction. The nature of the transaction has allowed our client to release equity to enable further investment in their continued growth strategy, creating the largest independent builders’ merchant group in the South East.’’
Experts from across Vail Williams’ investment and building consultancy teams advised on the deal, which completed on 24 October.
Alex Bayliss, Managing Director at Cairngorm Capital, concluded: “As investors we are actively engaged in the strategy and operational development of our portfolio companies. We’re grateful to Toby and the team at Vail Williams for the invaluable property advice they have given throughout the process, and continue to provide us with, as we seek out opportunities to develop our portfolio across our core industries.”
Over the last 12 months, Vail Williams has advised Cairngorm Capital on investments which have included over 35 leasehold and freehold properties as the private equity firm continues to invest in manufacturing, distribution and services businesses.
The firm continues to advise on Cairngorm’s wider national property portfolio, providing lease regear advice and business rates expertise, with associated work in respect of additional portfolio acquisitions and disposals also ongoing.
LSH acted for the pension fund.