A Gateshead retail and trade park has been snapped up in a £5.5m deal by Buccleuch Property.
Based next to the Metrocentre, the Allison Court Trade Centre has 11 fully occupied units with tenants including Halfords, American Golf, Alpkit, Pure Scooters & Bodypower Sports.
Now the site centre has been bought off market from New River, with the deal value reflecting an initial yield of 8.8%.
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The Galbraith Investment Team advised on the purchase of the 44,500 sqft retail and trade park.
Philip Eves of Buccleuch Property said: “We are delighted to have completed on the purchase of Allison Court. We are in part refocusing our acquisition strategy towards out of town retail opportunities with strong tenant demand and robust footfall.
“We believe these investments represent excellent value in the current market conditions and we intend to purchase more properties of this nature over the coming 12 months.”
Jamie Thain of Galbraith said: “We are very pleased to have been able to secure this prominent park for our client which offers ongoing performance coupled with active asset management opportunities going forward.”
Galbraith and Womble Bond Dickinson advised Buccleuch Property and Knight Frank advised New River.
The investment deal comes after the purchase of a portfolio of business centres on Teesside for £3.65m.
Avison Young acted on behalf of an undisclosed private investor to acquire The Tea Portfolio, a group of business centres in Middlesbrough and Stockton.
The Tea Portfolio provides 33,568 sq ft of office accommodation and 57,281 sq ft of industrial accommodation across three sites, with properties including the CadCam Centre in Middlesbrough, Queensway Business Centre, Middlesbrough, and Preston Farm Business Centre.
