Unit 4 Monkton Business Park, South Tyneside NE31 2JZ
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£5,300,000
Mar 2024
NorthCap has successfully sold an industrial unit in Tyneside on behalf of ABRDN.
The property comprises a modern industrial building providing 33,021 sq ft (3,068 sq m), on a site of 4.57 acres (16.2% site coverage). The property featured 24 loading bays in a cross-bay layout, alongside extensive canopies totalling 30,203 sq ft to the northern and southern elevations.
The property was fully let to Hitachi Construction Machinery (UK) Limited; the UK subsidiary of Hitachi Construction Machinery Co. Ltd, providing a total rent roll of £310,500 pa for a further 20 years.
The property was sold for £5,300,000 reflecting a net initial yield of 5.50%.
