Avison Young’s office in Newcastle, acting on behalf of a private investor, secured the purchase of a freehold industrial investment property, comprising units 1-28 Whitestone Business Park, Saltwells Road, Middlesbrough .

Whitestone Business Park is located on the outskirts of Middlesbrough town center in a well established shopping district with excellent road links to the A66 (T) state road and the wider road network.

The property consists of 28 multi-let units on seven terraces totaling 87,015 square feet with a current occupancy rate of 87 percent with the remaining units either in legal documentation or in the process of being offered.

Most of the original buildings have been redone and 12 of the units totaling 20,000 square feet were brand new built in 2020.

The property was secured for £ 3,725million, “slightly above the asking price reflecting the location and condition of the subject property”. The seller was SBS Partnership which was represented in the sale by Connect Property North East.

Simon Beanland, Director, Avison Young comments. “Our client was attracted to the estate by the mostly renovated or new housing located in a secure environment and renting very low rents to a good mix of tenants.

“The property offers many angles of asset management and exceptional rental growth prospects.

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