Sunderland industrial estate sold to London investor in £7.6m deal
A London real estate investor has announced that it has acquired a North East industrial park in a deal worth more than £7m.
Pallion Industrial Estate, in Sunderland, has been sold to M7 Real Estate by Knight Frank on behalf of UK Land Estates in a £7.6m deal.
The 146,340 sq ft estate, which produces annual rent of more than £513k, includes 17 industrial units.
The estate’s tenants include Sunderland AFC, Tool Station and Saint Gobain.
Dickon Wood, partner at Knight Frank Newcastle, commented: “We are delighted to have assisted UK Land Estates in this successful sale of an asset class which is in short supply but high demand at present.
“The yield is amongst the sharpest achieved in Sunderland.
“The underlying tenant demand for industrial premises is why so many investors are targeting the industrial sector at present.”
Phil Moorin, investment director at UK Land Estates, said: “This strategic sale has realised funds that will be used to invest in our estates across the North East, and new projects in the region.
“We’re continually reviewing and investing in our portfolio – which is the largest of any commercial landlord in the North East – to make our estates the best places to work and do business.
“Our focus is on providing properties that meet the changing demands of the market and supporting the growth potential in the region.”
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