Government-let industrial warehouse acquired in £4.42m deal

A North East government-let industrial warehouse has been acquired by a financial services company in a £4.42m deal.

The warehouse facility in Newcastle has been purchased by financial services firm Wesleyan Assurance Society.

Located at Berkeley Way in Jarrow, the unit comprises 73,000 sq ft of modern warehouse space.

Cushman & Wakefield has advised Wesleyan Assurance Society on the acquisition of the property, which is fully let to the Secretary of State for Housing, Communities and Local Government on a new 10 year lease at an annual rent of £364,915.

Katy Blair, senior surveyor in Cushman & Wakefield’s investment team, commented: “We are delighted to have achieved such an excellent result for our clients Wesleyan Assurance Society.

“[The] deal which demonstrates the fantastic value that exists within the North East market at present.”

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