UK Land has acquired The Dukeries industrial estate in Gateshead for £7.5m in a deal reflecting a net initial yield of 8.01%.
The four unit estate, which forms part of the wider Team Valley Industrial Estate, comprises two detached industrial units and two data centres offering 99,929 sq ft.
The estate produces a total income of £640,694 per annum and is fully let to tenants including Virgin Media, R S Components and One Stop Hire.
Peter Atkinson, director in Savills’ Newcastle investment team, which acted for a private client on the sale, said: “It’s great to deliver the first sale of this estate since it was developed by our clients over three decades ago. It’s also very fitting that such an important piece of Team Valley was acquired by the freeholder, UK Land, which has exciting and ambitious plans to invest in and further drive the success of the wider Team Valley Estate.”
