The portfolio is made up of: the 160,000-sf Boldon Business Park in Newcastle Upon Tyne, with fourteen tenants producing £689,000 ($1.07 million) per annum; the 61,000-sf Teeside Industrial Estate in Thornaby, Middlesbrough, where three tenants pay £227,000 ($350,000) per annum and a 35,000-sf unit on the Nelson Industrial Estate, Cramlington, Newcastle Upon Tyne occupied by Europa Magnetics at a rent of £123,000 ($190,000) per annum.
Saville said: "The North East remains one of the few areas in the UK where rental growth is forecast in the next two years, a recent CSFB survey suggested it was in the top four. It continues to appeal to the more discerning international company who is attracted by the outstanding value for money the region offers when compared with the Midlands and the South East."
Strutt & Parker advised the purchaser and Hoddell Stotesbury the vendor.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
