The UK's Prime Box, in a joint venture with Cedar Invest, has completed the purchase of Denmark House in Petersfield, Hampshire from Vestey Holdings.
Financial details were not disclosed.
The industrial property is strategically located on Bedford Road, just off the A3, providing access North to London and South to the Coast.
The existing building totals some 112,000 ft2 (10,400 m2) and will be repositioned to provide 80,000 ft2 of refurbished and modernised logistics warehouse space.
Richard Lord, a director of Prime Box, said: 'Once complete the property will benefit from new M&E, a large (60m depth) yard, new CAT A offices with modern M&E. The building will be PV ready and will be targeting an EPC A rating.'
Refurbishment works will start in May 2024, led by Faircloth Construction, with Total Project Integration as project manager and quantity surveyor. The completed unit will be ready for occupation in Q4 2024.
SHW and Avison Young will be letting agents for the new logistics space.
SHW advised Prime Box and Cedar Invest on the acquisition, with Avison Young acting for Vestey Holdings.
