Pemberstone sells Washington asset for £1.6m
A 21,500 sq ft industrial property at Turbine Business Park occupied by Hyperdrive Innovation has been sold by the investor.
The capital markets team at Avison Young’s Newcastle office and Blue Marble Asset Management acted for Pemberstone on the deal, with Knight Frank representing the buyer, a private overseas investor.
The property comprises a detached, predominantly single storey modern industrial property built in 2014, close to the Nissan production plant and offering links to the A19 and A1(M).
Extending to 21,500 sq ft, it comes with 46 car park spaces is let to Hyperdrive Innovation for a 10-year term running to April 2029.
The sale price for the freehold property was £1.625m reflecting a net initial yield of 7.48% after deduction of standard purchaser costs.
Jamie Sim, associate in the Avison Young capital markets team, said: “‘We are pleased to have advised on the sale of this prime reversionary industrial unit. Having previously acquired the asset on behalf of our client, it was fantastic to be able to advise on the sale’
Tim Matthews, chief executive of Birmingham-based Blue Marble Asset Management said: “Pemberstone acquired the property in 2021. Since then we have successfully completed a proactive asset management strategy and the property has performed exceptionally well during this period.”
