A grade A industrial investment in Seaham, Country Durham has been acquired by a private investor for £2.75 million after competitive bidding.
The 41,135 sq ft modern, high-specification warehouse sits on a 3.5-acre site and is located at Foxcover Distribution Park, in the coastal town of Seaham, six miles south of Sunderland.
The warehouse is currently let to family-run construction and infrastructure company, Robertson by its timber engineering arm for a further three years. It was built by Robertson Group in 2003 and they have been in occupation since construction.
Cushman & Wakefield acted on behalf of the vendor; a syndicate represented by asset manager Keills.
The property was acquired by a private investor who was represented by Simon Harland of MHPI Limited.
Gagan Jagpal, Senior Surveyor at Cushman & Wakefield in Newcastle said: “We are delighted to have achieved this result for our client after a competitive bidding process. Despite the current turbulent economic backdrop this transaction demonstrates investor confidence in North East industrial market.
“Strong fundamentals and a dearth of opportunities are fuelling rental growth with investors recognising the value that exists within the region.”