Friday, January 04, 2024
The Furniture Factory in Teesside changes hands
The Teesside base of The Furniture Factory has changed hands for £2.6 million.
UK Land Estates has bought the 87,500 sq ft industrial building at Teesside Industrial Estate, Stockton-on-Tees, from Teesland IOG.
The deal comprises a capital value of £30 per sq ft and a net initial yield of 7.08 per cent.
The Furniture Factory is currently paying £214,700 per annum with 14-years un-expired on its lease.
James Pollock of the Leeds office of property consultancy Knight Frank advised UK Land Estates.
He commented: "This was a straight-forward off-market opportunity that underlined the resilience of the investment market in the area. Teesside has had some poor publicity recently, which I believe is unjustified. This deal, with a good covenant and yield, was an attractive investment opportunity for my client."
UK Land Estates has bought the 87,500 sq ft industrial building at Teesside Industrial Estate, Stockton-on-Tees, from Teesland IOG.
The deal comprises a capital value of £30 per sq ft and a net initial yield of 7.08 per cent.
The Furniture Factory is currently paying £214,700 per annum with 14-years un-expired on its lease.
James Pollock of the Leeds office of property consultancy Knight Frank advised UK Land Estates.
He commented: "This was a straight-forward off-market opportunity that underlined the resilience of the investment market in the area. Teesside has had some poor publicity recently, which I believe is unjustified. This deal, with a good covenant and yield, was an attractive investment opportunity for my client."
<< Latest news main page