Hurstwood Holdings has added to its property portfolio in the North East following the acquisition of Seaview Industrial Estate in County Durham, an 18,150 sq ft scheme from Durham Estates Limited for an undisclosed sum with a net initial yield of 9.5%.
Situated on Timber Road in Horden and less than a mile from the town centre of Peterlee, the modern multi-let industrial estate comprises 10 units in total is home to a number of regional and local businesses including Peterlee Fire Company, Just-Beauty-Touch Limited and Premier Car Care.
Matthew Bint, Estates Director at Hurstwood Holdings, comments: “This is our third industrial property acquisition in the North East – an area we are committed to increasing our presence. The Estate is already fully occupied and we will continue to work with the existing occupiers going forwards as we intend to keep the property as part of our long term investment portfolio.”
Avison Young acted on behalf of the vendors. Gateley’s in Manchester was Hurstwood’s legal representatives.
Hurstwood Holdings is a property investment group with over £160m of commercial and residential assets on 100 sites nationwide housing over 700 occupier clients.