One of the leading global real estate firms Cushman & Wakefield have advised the purchase of a 73,000 sq ft modern industrial warehouse for £4.42 million.
Located at Berkley Way, Jarrow, the units sale to the personal and commercial financial consultant, Wesleyan Assurance Society, reflects a net initial yield of 7.75%.
Katy Blair, Senior Surveyor in Cushman & Wakefield’s Investment team, said: “We are delighted to have achieved such an excellent result for our clients Wesleyan Assurance Society, on a deal which demonstrates the fantastic value that exists within the North-East market at present.”
The warehouse is currently let to the Secretary of State for Housing, Communities and Local Government on a new 10-year lease, at an annual rent of £364,915.
The vendor was represented by Simon Beanland of Avison Young.