Naylors investment agency team has sold a multi-let industrial investment in Washington for £850,000 on behalf of industrial investment company IO.
The London-based investment and asset management specialist appointed Naylors to dispose of the estate as it no longer fitted their investment criteria due to its size. Since their acquisition of the asset in 2013 IO has grown rapidly and now concentrate on industrial estates on a much larger scale across the UK.
The estate, which is located on Whitworth Road, comprises 22 single storey industrial units with a mix of occupational leases and long ground leases, a number of which have been recently refurbished.
Fergus Laird, director at Naylors who brokered the sale said ‘’There were many positive attributes to this investment including the opportunity for rental growth and some good asset management opportunities. We are experiencing a high level of demand for multi-let industrial investments and especially for locations such as Washington, which is always popular due to its excellent road links.’’
The investment has been acquired by a North West-based property investment company.
Mr Laird added: ‘As a result of a regional marketing campaign we received interest from a number of parties and agreed a sale with an investment company who were very keen to take advantage of the strong industrial market and complete the purchase swiftly.’