Avison Young’s Newcastle office, acting on behalf of a private investor, has secured the purchase of a freehold industrial investment property, comprising units 1-28 Whitestone Business Park, Saltwells Road, Middlesbrough.
Whitestone Business Park is located on the edge of Middlesbrough Town Centre in an established business location with excellent road connections to the A66(T) trunk road and the wider road network.
The property consists of 28 multi-let units in seven terraces totaling 87,015sq ft with a current occupancy level of 87 per cent, with the remaining units in either legal documentation, or under offer.
Most of the original buildings have been reroofed and 12 of the units totaling 20,000sq ft were brand new built in 2020.
The property was secured for £3.725m, “slightly in excess of the asking price reflecting the location and condition of the subject property”. The vendor was the SBS Partnership who was represented in the sale by Connect Property North East.
Simon Beanland, principal, Avison Young comments. “Our client was attracted to the estate by the mainly refurbished or new units situated in a secure setting and let off very low rents to a good mix of tenants.
“The property provides numerous asset management angles and exceptional rental growth prospects.”
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