Buccleuch Property purchases £3.475m industrial property

Reflecting a net initial yield of 7.95 per cent, the 100,000 sq ft property encompasses a purpose-built modern manufacturing and warehouse facility generating an annual rent of £293,500.

The building has a large warehousing space, two linked bays, an ancillary canteen and separate high spec office space spanning across two floors. An additional secure service yard and generous car parking area completes the offering.

Located on Fiennes Road, the building is currently let as a storage and distribution space for Bristol Lavatories Ltd, a leading UK pharmaceutical company. Occupying a prominent position on the industrial estate, it benefits from easy access to the A19, alongside excellent public transport links.

Philip Eves, director at Buccleuch Property, said: “This latest acquisition further enhances our presence in the North East. As part of our commitment as a dedicated landlord, we will work with our current tenant to provide a high-quality workspace which is in keeping with the wider industrial estate.

“There is strong demand for this type of industrial accommodation and we continue to seek new investment and development opportunities of this type, across the UK.”

Buccleuch Property was advised by Simon Beanland of GVA Newcastle on the purchase. Cushman & Wakefield acted on behalf of the vendors, the Enterprise Zone Trusts.

Alan Howie of Magarch, the asset manager on behalf of the trusts, added: “Having taken over as Trust Manager 18 months ago we are delighted to have effected this turnaround for our clients.”