Newcastle-based HTA Real Estate has completed the sale of two industrial investments on behalf of Wishtower, an industrial property joint venture, to clients of PAI member Naylors for £2.35m.
Naylors’ investment agency team acted on behalf of Leven Estates, a Yorkshire-based investment company, who Naylors have worked with on multiple transactions over the past two years.
The properties are located at Boldon Business Park, South Tyneside and Balliol Business Park, Longbenton.
The Boldon Business Park unit, which extends to 19,000sqft and benefits from additional expansion land, is let to Immunodiagnostic Systems (IDS) on a 15 year lease from July 2015 at £90,000 per annum.
The second property at Balliol Business Park is a 17,000sqft unit, which is let to NHS Direct for 15 years from January 2012 at a rent of £79,000.
Russell Taylor, director at HTA Real Estate who acted for the vendor said: “Further strengthening of market conditions together with completion of a rent review with the NHS provided the opportunity for us to conclude a profitable sale on behalf of our client.
The industrial investment market continues to provide many opportunities for a wide range of buyers. There is a great deal of confidence in the sector which is underpinning rental growth and yield compression.”
Fergus Laird, head of investment at Naylors added: “We had a specific requirement for single-let shed investments in the £1m price bracket for our retained clients, Leven Estates. Current market conditions mean very little stock of this nature is coming to the market. However, we identified this as a potential opportunity and between HTA and Naylors an off-market deal was agreed, which was then executed in a swift and diligent manner.”