Acting on behalf of Jolivet Investment Limited, NB Real Estate has acquired Units 18-28, Parkhouse Industrial Estate, Newcastle-under-Lyme. The multi-let estate comprises over 160,000 sq ft of modern industrial accommodation and is let to a number of tenants, including the NHS.
The estate produces an annual rent of £379,550 and sold for £3,000,000, reflecting a net initial yield of 12%.
Simon Storer, Director of Jolivet Investments Limited, commented “We have a strong industrial led portfolio and have been actively seeking additional acquisitions in the current market. This property offered a real opportunity to acquire fundamentally good quality real estate at an attractive price.”
Martin Hamer, Divisional Director in NB Real Estate’s Manchester Investment team also commented “Despite the nervousness in the market and the dearth of available funding, this transaction demonstrates that credible investors with a good track record can take advantage of the recent decline in property values”.
GVA Grimley represented the vendor, Falcon Property Trust.