The Newcastle office of real estate adviser, DTZ has acquired the freehold interest in a retail warehouse in Sunderland for £1.1m on behalf of a private client.
The property is located on 90-206 Roker Avenue outside the city centre and is currently let to Topps Tiles, Tile Giant, Oxman Cars and Falcon Computers.
The property was sold by a private investor represented by Lambert Smith Hampton. The purchase price reflects a net initial yield of 10.01%.
The property comprises a four unit 21,737 sq ft retail park with parking for 90 cars on a 1.5 acre site and is located directly opposite one of the entrances to Sunderland Gateway Retail Park.
Peter Atkinson, Associate Director in DTZ’s investment agency team commented: “We are very pleased to secure this deal for our client. The park provides well diversified income on a very well located site with strong growth prospects.”
