The building is let to NA College Trust. Credit@ vis Savills

Washington industrial sold for £3.1m

Blue Marble Asset Management has acquired the 42,360 sq ft Unit 1 at Glover Industrial Estate from a private investor in a deal reflecting a net initial yield of 7.58%.

The unit is let in its entirety to NA College Trust, a training provider specialising in the advanced manufacturing field. NA College has an unexpired lease term of 17 years, the arrangement generating an annual rental income of £250,000.

The Glover estate sits close to the A1231 into Sunderland.

Savills acted for the buyer on the off-market deal. Nick Bramwell, associate in the commercial investment team at Savills Newcastle, said: “The purchase demonstrates the continued appetite for investors looking for good quality, strong income generating assets.

“We are delighted to secure the acquisition of this property, which provided an excellent off market opportunity for a property located in a prime commercial location within the North East”

Blue Marble has acquired the unit for a private client. Tim Matthews, chief executive of the Birmingham-based investment firm, said: “It’s been a pleasure working with Savills on this first class off market acquisition. The investment provides long term income from a high quality strategically located unit.”

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