Connect Property North East Ltd have completed the investment sale of Whitestone business Park comprising 87,015 sq ft. The popular multi-let estate of 28 units was extended in 2020 with an addition of 20,000 ft.² of brand-new industrial space. Tim Carter, Director at CPNE said “the demand for small units has been incredible. Units let as soon as they come to the market and we have been able to achieve rental growth on new and re-lettings over the last 12 months”.
Andrew Wilkinson, Director commented that “the sale of the investment on behalf of our private client was relatively complex with many moving parts during the process which received “best and final bids”. The final sale price of £3.725 million was achieved well in excess of asking.
Simon Beanland, Principle of Avison Young’s Newcastle office acted on behalf of the purchaser.” He said: “Our client was attracted to the estate by the mainly refurbished or new units situated in a secure setting and let off very low rents to a good mix of tenants. The property provides numerous asset management angles and exceptional rental growth prospects.”