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."
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Jacob Brown, director at Sorkin Brown added: "This acquisition provides an excellent opportunity to add value to and expand our client’s property portfolio. Our client’s strategy is focused on investing in quality office, industrial and retail spaces across the UK and we are pleased to aid them in accomplishing this goal with this reversionary asset with numerous development angles."
Ian Whittaker at Ryden LLP’s Manchester office worked as adviser on behalf of the vendor. Merrit & Co Solicitors, which is based in Stockton, acted for the vendor and Curry Popeck Solicitors, in Harrow represented the purchaser.
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