A substantial warehouse investment acquisition has been concluded by Barker Storey Matthews Huntingdon office, working with Naylors in Newcastle. The building comprises 97,308 sq ft on a site extending to 6.7 acres and is let on a 10 year lease at £285,000 per annum.
BSM circulated a client requirement for a single-let industrial investment for clients around the PAI Investment Panel network and a number of opportunities were forthcoming including a warehouse investment in Durham let to Jacques Vert, the women’s clothing company.
Naylors were not selling the building which was being offered by another Newcastle agent but introduced it to BSM who in turn put it to their client.
The client, a private property company who hadn’t formerly invested this far north flew to Newcastle to inspect the building and meet with the Naylors team who provided an in-depth report on the North-East industrial market. The client was impressed with what they saw and instructed BSM and Naylors to bid for the property on their behalf. A final sale price of £3m was eventually agreed representing a net initial yield of just under 9%.
Alan Matthews, Director at Barker Storey Matthews commented “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.”
Fergus Laird of Naylors added, “We met BSM’s client in Newcastle and took them to see the property. We explained what is happening in the North-East market which gave the client sufficient confidence to acquire the building. This is a great result for all parties concerned”.
