Avison Young, acting jointly with Jackson & Partners on behalf of Snowlarch Ltd has secured the sale of a high yielding portfolio of multi-let industrial estates in County Durham to Hadrian Industrial Estates Ltd, part of Hadrian Land, a UK based commercial property investor.
The industrial estates in Shotton Colliery, Wheatley Hill and Wingate extend to a total area of 17,225 sq.ft. (1,600 sq.m) and benefit from excellent occupancy levels. The investment portfolio was sold for £1,280,000 reflecting a Net Initial Yield of 9.35%.
Jamie Sim of the Avison Young Capital Markets team comments. Avison Young and Jackson & Partners are delighted to have advised Snowlarch Ltd on the disposal of three multi-let industrial estates in County Durham. Our client acquired the portfolio in 2019 and adopted an active asset management strategy for the estates which has proven to be very successful’.
David Jackson of joint agents Jackson & Partners commented “I’ve been involved with the letting of these units for a number of years and they have consistently proved popular with occupiers, it was therefore not a surprise that we received so much positive interest in this portfolio which no doubt will be an exciting acquisition for its new owners”.
Tim Catterall of Catterall and Co acted for the purchaser.
