Griffiths Textile Machines, Alston Road, Washington NE38 8PP
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£7,730,000
Dec 2021
NorthCap has successfully acquired this single let industrial investment on behalf of ABRDN.
The property provides 96,689 sq ft GIA of industrial accommodation alongside associated yardage and parking, plus circa 3.56 acres of additional land to the north of the main building and parking to the south.
The main building and demised external areas are let to Griffiths Textiles Machines Ltd for an unbroken term of 15 years from 25 September 2020 at a headline rent of £475,000 per annum, subject to five yearly open market rent reviews. Ulster Carpet Mills (Holdings) Limited are the lease guarantor.
The property was acquired for £7,730,000 reflecting a net initial yield of 5.75%.
The vendor was represented by HTA Real Estate.
