Private equity investor snaps up Portsmouth site

A private equity real estate investor has acquired the long leasehold interest of a site on a Portsmouth industrial estate in a multimillion-pound deal.

The 40,436 sq ft Silver Point building at Airport Service Road, Hilsea Industrial Estate, was sold to Paloma Capital for £4.5m.

Vail Williams advised on the sale, with Russell Mogridge – who leads the company’s industrial agency team in the UK and works out of the Portsmouth office – acting on behalf of Silver Point’s owner, a private investor.

He said: “This is one of the largest commercial property investment sales of its kind in the Portsmouth for some time and underlines how industrial and logistics property remains a safe haven for income-focused investors amid the UK’s heightened economic pressures.

“Silver Point, constructed in 1995, is particularly appealing, being in a highly accessible location close to the M27 Solent Corridor and Portsmouth International Port, on a self-contained site and yard space. The railway station is adjacent, for commuter convenience.”

Jeremy Collin, director and lead asset manager on Paloma’s Dove Property Fund, added: “We are particularly pleased with the purchase of Silver Point within the Dove Real Estate Fund, which adds to our existing Portsmouth holding at nearby Interchange Park.

“Paloma continues to see Portsmouth as an attractive industrial location in which to invest.”

Law firm Blake Morgan acted on behalf of the seller.

Silver Point’s occupier is Contract Candles & Diffusers, which works with brands in the luxury and home fragrance sector.