We are very pleased to confirm that in October 2018 Johnson Tucker sold this industrial investment in Middlesbrough let to Restore PLC.
The property is situated in Middlesbrough on the southern bank of the river Tees, approximately 40 miles south east of Newcastle upon Tyne and 12 miles north east of Darlington. Middlesbrough is the primary commercial centre of Teesside and has a population in excess of 600,000 within a 10 mile radius.
The building comprises a single storey industrial unit of steel portal frame construction with an eaves height of approximately 6.16m (20 feet). The unit has a dual pitched roof with coated profile metal sheer cladding with translucent skylights. Internally the units benefit from a solid concrete floor and are accessed via an electronic sectional up and over loading door.
Unit 8A is entirely let to Restore PLC on a 10 year term from 25th October 2013, therefore expiring on 24th October 2023 at a rent of £40,000 per annum. Unit 8B is vacant and therefore provides an opportunity to add value by re-letting.
The property was sold for £675,000, showing a net initial yield of 5.63% and reversionary yield of approximately 10.00% once fully let.
If you would like more information on this investment acquisition or any other investments listed on our website please contact Daniel Capobasso on 0191 269 7897 or email email@example.com. Please feel free to subscribe to our investment property mailing list to receive the latest investment opportunities.