Buccleuch Property has sold its Velocity development in Washington to a client of abrdn for £16.17m. The 60,000 sq ft building, located in Armstrong Road, Washington, was delivered for DPD Group – the international parcel delivery service.
The project was undertaken in joint venture with Argon Properties, the Newcastle based property company, with the whole development from planning submission to building completion and subsequent sale being achieved in just 15 months.
Neil Finnie, Director at Buccleuch Property said “We are delighted to have developed this unit for DPD. The quality of the build along with the long term nature of the lease to the tenant meant that this product was extremely well received in the market. The sale continues our strong record of delivering investment grade product to the market.”
Louise Greenan, Deputy Fund Manager at abrdn said “This is a high quality last mile delivery hub in a strategic location providing 25 years of income from DPD “
Richard Wilks, Managing Director at Argon Properties said “It was a massive team effort to deliver this unit with all the challenges of COVID. All parties must be congratulated on their pragmatic approach throughout the process.”
The project was delivered by Parkway Construction with Cushman & Wakefield, Naylors and Shoosmiths acting for Buccleuch Property and Argon in the sale. Henderson Herd and Charles Russell Speechlys acted for abrdn.
