Cushman & Wakefield has advised Wesleyan Assurance Society on the acquisition of a 73,000 sq ft modern industrial warehouse at Berkeley Way, Jarrow for £4.42 million, reflecting a net initial yield of 7.75%.
The property is fully 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.
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 vendor was represented by Simon Beanland at Avison Young.
