County Durham industrial changes hands
Edinburgh and London-based investor Snowlarch has sold a portfolio of multi-let industrial estates in County Durham to Hadrian Industrial Estates, part of Hadrian Land.
The industrial estates in Shotton Colliery, Wheatley Hill and Wingate total 17,225 sq ft and are well occupied.
The portfolio was sold for £1.28m with a net initial yield of 9.35%. Snowlarch is owned by M7 Real Estate co-founder Matthew Cheyne, who set Snowlarch up in 2018 following his xit from M7.
Avison Young and Jackson & Partners advised Snowlarch.
Tim Catterall of Catterall and Co acted for the purchaser.