An industrial and office portfolio comprising two properties in Cramlington and one in Sunderland has been sold by the Easter Group to Millfield Estates for £3,050,000.
The portfolio, which is fully let to three tenants on leases expiring or with breaks in July 2008, 2015 and March 2020, produces a total income of £234,250 per annum reflecting an initial yield of 7.26%.
The two brand new industrial/warehouse units totaling 27,000 sq ft at 2 and 8 Arcot Court, Nelson Industrial Estate, Cramlington, are let to Ravensworth Digital Services Ltd and Comesys Europe Ltd and the modern, 10,023 sq ft, self-contained office building at Sunderland Enterprise Park West is let to International Acceptance.
Chris Pearson, a partner at Gavin Black & Partners who acted for the Easter Group, says the sale generated considerable interest in the portfolio “which demonstrates the current strength of the investment market.”
Russell Taylor, a director of Easter Group, says the sale is part of corporate strategy to sell and reinvest to take advantage of market opportunities. “Easter is undertaking further developments in both Cramlington and Sunderland this year. Easter has an ongoing development programme in the North East where it has now developed in excess of 1 million sq ft.”