Newcastle real estate firm secures Teesside portfolio of business centres in £3.65m deal

A Newcastle headquartered real estate agency has secured an investment portfolio of business centres within Teesside for £3.65m.

Avison Young acting on behalf of an undisclosed private investor has acquired The Tea Portfolio, a group of business centres located within Middlesbrough and Stockton on Tees.

The Tea Portfolio provides 33,568 sq ft of office accommodation and 57,281 sq ft of industrial accommodation across three sites.

The properties include the CadCam Centre, Riverside Park, Middlesbrough, Queensway Business Centre, Cargo Fleet, Middlesbrough and Preston Farm Business Centre, Stockton on Tees.

The freehold multi-let industrial and offices portfolio produces a net income of £349,442 with 97 per cent of the industrial element let and 82.7 per cent of the office accommodation fully let.

Simon Beanland, principal at Avison Young, Newcastle said: “These operational business centres provide flexible letting terms to a range of occupiers.

“The portfolio trades at a discount to the local rental tone and offers real potential for active asset management initiatives towards enhancing overall rental and capital values.”

Luke Symonds of NorthCap and joint agent LSH acted for the vendor.