HTA Real Estate are pleased to have acquired a prominent multi-let industrial asset on behalf of a private client. The estate, Lagonda Court, Billingham, comprises a 10,000 ft² asset across two terraces on a site of 1.2 acres, with a very low site coverage of c. 19%. The estate is fully let with 12 units ranging from 600 ft² - 1,200 ft² and let to various tenants on flexible terms. The property was marketed at offers in excess of £850,000 reflecting a net initial yield of 7.38% with a potential reversion to c. 10%.
Douglas Cranston commented 'It was pleasing to secure this asset on behalf of our client particularly after going through a competitive bids process. The asset dovetails with the client's investment mandate and we are confident they will be able to increase their returns after their planned asset management initiatives are completed.'
