The Sale of Skillion Business Centre
Independent property consultants Naylors Gavin Black advised a confidential private investor on the purchase of a multi-let industrial business centre in County Durham for more than £3 million.
Curry Popeck Solicitors and Sorkin Brown Chartered Surveyors also advised the buyer, while Ryden LLP and Merrit & Co Solicitors advised the vendor.
The Langley Moor-based Skillion Business Centre plays a significant role in the local economy and its purchase by the London-based investor reflects a net initial yield of more than 8%. The property comprises a refurbished block with external yard areas and various small workshops.
Naylors Gavin Black partner Chris Donabe acted as the firm’s lead on the transaction. “Skillion Business Park was identified as suitable to our client’s requirements given the reversionary potential in the income, multiple asset management angles and the potential to engage further with existing occupiers to improve the income profile,” he said.
