Bolton’s Millfield Estates signs £245k deal for Cramlington warehouse
Millfield Estates has signed a six-figure deal to increase its ownership at Arcot Court in Cramlington.
The Bolton-based property firm acquired the property’s 4,053 sq ft Unit 9 warehouse for £245k from owner-occupier R Arnott & Sons Ltd.
Working with estate agents Knight Frank, which sold the unit on behalf of R Arnott & Sons, Millfield negotiated a sale and leaseback deal to ensure the property stays in the firm’s ownership for the next 125 years.
R Arnott & Sons, a provider of gas engineering services, will now pay £20.3k in annual rent.
Millfield property director Paul Dobson said: “We are pleased to have been in a position to both extend our ownership of this exceptional industrial estate, while also facilitating the restructuring of R Arnott & Sons.
“Arcot Court is a thriving property in the North East, just eight miles from Newcastle city centre, making it a prime location for industry.”
He added: “R Arnott & Sons Ltd and Knight Frank were both very co-operative with this deal.”
Arcot Court comprises 89,140 sq ft across nine industrial units, with tenants including Wingrove Motor Company and Printed.com.
It is one of the biggest properties in Millfield’s UK-wide portfolio, which includes Yorkshire House in Liverpool.
R Arnott & Sons Ltd MD Trevor Arnott commented: “We’d like to thank Paul and the Millfield Estates team for leasing the property to us, with Arcot Court regarded as one of the best industrial estates in the North East.
“We have always been a part of Cramlington’s thriving industrial scene and Millfield Estates made the decision to stay within Arcot Court incredibly easy for us.”