A joint investment acquisition through the PAI
As members of the PAI (Property Agents Independent) Naylors works with a large network of independent agents to offer advice and services to clients throughout the UK.
Our Investment Agency team recently completed the acquisition of an industrial warehouse working jointly with PAI member, Barker Storey Matthews of Huntingdon, who had a requirement for a client looking for a single-let shed anywhere in the UK.
Fergus Laird, Head of Investment, identified an opportunity for the investor in Bowburn, Durham. This was put forward to the client who subsequently flew to Newcastle to view the property and was met by Fergus and our Head of Industrial Agency, Keith Stewart, who offered specialist advice on the acquisition, its value and the market place. Our Building Consultancy team also undertook a detailed building survey of the property on behalf of the client.
The buyer was impressed with the strength of the North East industrial market and we put in an offer at best bids which was rejected, however the forerunner was unable to proceed and we were able to step in. The property was acquired for £3 million.
The 97,308 sq ft unit and its 6.7 acre site is let on a 10 year lease at £285,000 per annum to Jacques Vert. The sale price reflects a net initial yield of just under 9%.This was a fantastic result for all parties, both the client and the joint agent were delighted with the acquisition.
If you require Investment advice from an expert member of our team please contact Fergus Laird on 0191 211 1561 or email email@example.com