An industrial park in County Durham has been sold in a £3m deal.
Skillion Business Centre, at Langley Moor, has been acquired by an unnamed London investor. The park, which includes a refurbished multi-let industrial block, yard areas and some small workshops represents an initial net yield of more than 8%.
Chris Donabie, partner at Naylors Gavin Black who acted for the purchaser alongside Sorkin Brown Chartered Surveyors, said: “Thanks to Naylors Gavin Black’s extensive network of property investors across the UK we are able to secure significant investment into the North East, providing a welcome boost to the regional economy and providing excellent returns to our clients. Skillion Business Park was identified as suitable to our client’s requirements given the reversionary potential in the income, multiple asset management angles and the potential to engage further with existing occupiers to improve the income profile."
