Addington Capital, the property investment and asset management company has sold a modern warehouse at 76 Colbourne Avenue, Cramlington, Northumberland to Coalfields Regeneration Trust for £1.93 million.
The property is located on the Nelson Park Industrial Estate in Cramlington, eight miles North of Newcastle with access to the A19 and A1 and is a high quality industrial unit, incorporating two-storey office space, a fitted mezzanine and a number of individual workshop and storage areas, a service yard and dedicated parking spaces.
Addington acquired the property in 2016 and has since agreed a lease renewal for a further 10 years to a reputable covenant.
Coalfields Regeneration Trust is an investor and developer in commercial space and helps to address the lack of available commercial property within coalfield communities.
Philip Symonds of Addington Capital said, “We are pleased to have successfully disposed of this property, which had good levels of interest. Investors were attracted the fact it is located in a recognised industrial location and has strong connection links.”
Addington Capital was advised by Commercial Property Partners LLP (CPP) on the sale and Coalfield Regeneration Trust by by Avison Young.