North Tyneside industrial units are sold
Two industrial units in Backworth have been sold.
GVA, acting on behalf of Northumberland Estates, have sold Parkside House.
The two units – measuring 7,968 sq ft on a 0.66 acre site – were sold for a net initial yield of 7.42 per cent.
The units are currently home to the North East Ambulance Service NHS Trust, who occupy over 6,000 sq ft of space with 13 years unexpired on their lease, and Metnor Construction which occupies the neighbouring unit on a short-term tenancy.
Lynsey Underwood, of GVA, said: ”We continue to see strong investor demand for multi-let industrial opportunities in the North East, driven mainly by a thriving occupational market, a limited supply of investment stock and an attractive yield discount relative to our regional neighbours.”
The purchaser Kans and Kandy Developments was represented by Naylors.