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Washington-based industrial investment sold to North West property firm for £850k

London-based industrial investment firm IO has sold an industrial asset in Washington for £850k, in a move conducted by the investment team at Newcastle property firm Naylors.

A North West property investment business has acquired the multi-let holding, after IO decided the estate no longer fitted its investment criteria due to its size.

Since their acquisition of the asset in 2013 IO has grown to a position where it will now concentrate on industrial estates on a much larger scale across the UK.

The estate, which is located on Whitworth Road, comprises 22 single storey industrial units with a mix of occupational leases and long ground leases, a number of which have been recently refurbished.

Fergus Laird, director at Naylors, who brokered the sale, said: “There were many positive attributes to this investment including the opportunity for rental growth and some good asset management opportunities.

“We are experiencing a high level of demand for multi-let industrial investments and especially for locations such as Washington, which is always popular due to its excellent road links.’’

Mr Laird added: ’As a result of a regional marketing campaign we received interest from a number of parties and agreed a sale with an investment company who were very keen to take advantage of the strong industrial market and complete the purchase swiftly.“