Commercial People can reveal that a grade A industrial investment in Seaham, Country Durham has been acquired by a private investor for £2.75 million.
Located at a 3.5-acre site at Foxcover Distribution Park in the coastal town of Seaham, the 41,135 sq ft modern, high-specification warehouse is just six miles south of Sunderland.
Cushman & Wakefield acted on behalf of the vendor – a syndicate represented by asset manager Keills, while the property was acquired by a private investor, represented by Simon Harland of MHPI Limited.
Commenting on the transaction; Gagan Jagpal, Senior Surveyor at Cushman & Wakefield in Newcastle said: “We are delighted to have achieved this result for our client after a competitive bidding process. Despite the current turbulent economic backdrop, this transaction demonstrates investor confidence in the North East industrial market.
“Strong fundamentals and a dearth of opportunities are fuelling rental growth with investors recognising the value that exists within the region.”
The warehouse was built by the family-run construction and infrastructure company, Robertson Group in 2003 and has been let by its timber engineering arm for a further three years.