Avison Young secures investment sale of three County Durham industrial estates

Real estate advisor Avison Young has secured the sale of a portfolio of three multi-let industrial estates in County Durham.

Acting on behalf of Durham Estates Ltd, the firm has this month secured the sale of industrial estates in Shotton Colliery, Wheatley Hill and Wingate.

Comprising 27 units comprising over 28,775 sq ft in total industrial space, the estates formed a portfolio which was sold for £942k to an unnamed buyer.

The sale comes a month after Avison Young secured the sale of prominent Middlesbrough building Victoria House, a four-storey building made up of office space and a ground floor cafe unit.

Lynsey Underwood, investment surveyor at Avison Young in Newcastle commented: “the County Durham portfolio sale has yielded a great result for our client who has spent the past few years increasing the occupancy levels and pushing on the rents of the estates through asset management initiatives.

“The yield will provide a good return on capital for the purchaser and signifies continued strong demand for value-add opportunities in the North East from private high net worth investors.”