Double acquisition of multi-let estates in £4.62m deal

Two local prime multi-let industrial estates have been sold for £4.62m.

Glover and Jarrow Network Centres, based in Washington and Jarrow, have been sold by Advance Northumberland with the purchase price reflecting a Net Initial Yield of 5.83 per cent.

Cushman & Wakefield acted on behalf of Advance Northumberland to dispose the two sites.

Located in Washington and Jarrow, the two prime multi-let estates comprise 31 modern units totalling 61,557 sq ft and producing a combined annual income of £286,936.

Katy Blair, senior surveyor in Cushman and Wakefield’s Investment Team, said: “We are very pleased to have secured such a great result for our clients, Advance Northumberland after what was a highly competitive sale process in which we received numerous offers in excess of the asking price.

“This result reflects the high demand for quality industrial assets in the current market place, which has been further exacerbated by a lack of available stock.”

The estates were purchased by private investors represented by Edwin Thompson LLP.

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