Spey House, Mandale Park, Belmont Industrial Estate, Durham DH1 1TH
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£2,465,000
Sep 2023
NorthCap has successfully sold an industrial estate in Durham on behalf of the Mandale Group.
The property comprises a newly constructed estate providing 17,050 sq ft of high quality flexible space split over 11 units, alongside associated yardage and parking.
The property was fully let providing a total rent roll of £176,000 per annum, with 100% of the rent roll benefitting from reviews to the higher of OMRR or uncapped RPI.
The Freehold estate had a WAULT of 8.04 years (3.72 years to break).
The property was sold for £2,465,000 reflecting a net initial yield of 6.71%.
The purchaser was a private investor represented by David Dresler.
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