Aircraft cabin interior manufacturer AIM Aviation’s manufacturing facility in Bournemouth has been sold to Eastleigh Borough Council for more than £18m.
Corporate pension fund clients of Savills Investment Management, advised jointly by Savills and AW Associates, have sold the property, located adjacent to Bournemouth International Airport. The £18.17m deal represents a net yield of 4.95 per cent.
The property provides 158,769 sq ft of internal space and is let to AIM Aviation on a 25 year lease expiring in April 2041. It is located at the Aviation Business Park, an established aerospace and manufacturing hub.
James Williams, director in the investment team at Savills, said: “We are pleased to have achieved a successful sale of this asset which our clients agreed to fund as a new development in 2014.
“The property is a purpose-built headquarters and manufacturing facility and will support the tenant’s growing global business.”
Eastleigh Borough Council leader Keith House added: “This is Eastleigh Borough Council’s first major property transaction outside of the borough and we are very pleased with the acquisition of the AIM Aviation facility providing us with 25 years of unbroken income.
“The lease provides fixed uplift ensuring that the council benefits from growth throughout the length of the lease.”
Eastleigh Borough Council was represented by Lambert Smith Hampton (LSH).