Real estate firm acquires County Durham industrial estates in £12m deal
A multi-let property investor has acquired a portfolio of seven North East urban industrial estates in a £12m deal.
Property specialist Hansteen has purchased industrial units at Newton Aycliffe Industrial Estate in County Durham.
The portfolio, sold by M&G, comprises 53 units totalling 341,620 sq ft, with individual units ranging in size from 820 sq ft to 32,648 sq ft.
Currently let to 40 tenants, the units already house a combination of local, regional and national companies.
In addition, 9.42 per cent of the space is currently vacant, which provides an opportunity for Hansteen to boost its income.
Derek Heathwood, UK property director at Hansteen, commented: “This purchase fits our acquisition criteria perfectly, being significantly below replacement cost, with low rents capable of further growth, vacant units and in an area where we have significant holdings and a regional team that can add real value.”
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