Eastleigh Borough Council has purchased Chestnut Avenue Retail Park, Chandler’s Ford for nearly £13m through commercial property consultancy Vail Williams LLP.
Chestnut Avenue Retail Park is currently fully occupied by Aldi, American Golf, Dreams and Poundstretcher.
The £12,850,000 acquisition was negotiated by Vail Williams on behalf of the Council and followed comprehensive refurbishment of the 47,253 sq ft property by the previous owners.
As well as advising on the property purchase, Vail Williams provided the council with a pre-acquisition survey and monitored completion of the refurbishment works on their behalf.
Council Leader Keith House said: “This acquisition of Chestnut Avenue Retail Park demonstrates the Council’s continued commitment to invest in the borough with the intention of encouraging regeneration, helping to protect and create local jobs and generating income to help support council services.”
The acquisition forms part of the Council’s impressive commercial property portfolio that provides a significant net annual surplus of around £9 million to the Council that is used to protect services.