Independent property consultants Naylors Gavin Black has helped a client secure the off-market purchase of a multi-let industrial business centre in County Durham for more than £3million.
The Langley Moor site, which makes a significant contribution to the local economic landscape, has been bought by a confidential private investor based in London and reflects a net initial yield of more than eight percent.
Skillion Business Centre, which comprises of a refurbished multi-let industrial block, external yard areas and a parade of small workshops, was sold by a local private investor.
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.”
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.