Buccleuch Property has successfully completed the sale of 1 Fiennes Road, Peterlee, to a private overseas investor for £5.7 million, reflecting a net initial yield of 8.25%.
During our ownership, we acquired the freehold interest, refurbished the unit following the vacation of Bristol Labs in 2023 and relet the property to The Storage Company.
The 100,340 sq ft distribution unit sits on a 5.17-acre freehold site within the well-established North West Industrial Estate, benefitting from strong connectivity to the A19 and A1(M). The asset also includes 0.88 acres of expansion land, providing scope for further development.
Phil Eves of Buccleuch Property said “We would like to thank all those who have assisted on this investment, especially Angus White at Naylors for his property management assistance, together with his building consultancy colleagues, Liz Evans at Womble Bond Dickinson for her legal advice on the purchase, letting and sale, together with Simon Beanland and Jamie Sim at Avison Young for providing investment agency advice.”
Dickon Wood at Knight Frank represented the purchaser.
