Naylors’ investment team has completed the acquisition of a substantial warehouse at Bowburn Industrial Estate in Durham for £3 million.
The 97,308 sq ft unit and its 6.7 acre site, which was being marketed by Knight Frank, is currently let on a 10 year lease at £285,000 per annum to women’s clothing company, Jacques Vert. The sale price reflects a net initial yield of just under 9%.
The acquisition came about through Naylors’ membership of the PAI (Property Agents Independent), a network of independent commercial surveying practices spread throughout the UK.
A requirement for a single-let industrial shed was circulated to members of the network’s investment panel by Huntingdon-based property agents, Barker Storey Matthews’ (BSM), who were acting on behalf of a private property company.
Naylors’ head of investment, Fergus Laird, identified the Bowburn property as a suitable match and introduced it to BSM, hesaid: “We met BSM’s client in Newcastle and took them to see the property. Our building consultancy team carried out a detailed building survey and we provided an in-depth report on what is happening in the North-East industrial market, which gave the client sufficient confidence to acquire the building. This is a great result for all parties concerned”.
Alan Matthews, director at Barker Storey Matthews added: “This is a great example of two PAI member firms working together to provide a national investment service for our client. Our client had invested quite heavily in the Cambridgeshire region over a number of years with ourselves but had never ventured further north.”
Naylors is the North East’s largest independent firm of commercial property consultants offering a comprehensive range of services including; Industrial & Office Agency, Property Investment, Asset & Facilities Management, Building Surveying, Lease Advisory & Valuations and Development Consultancy. The firm has been members of the PAI network since 2006.