3PL bags Peterlee warehouse
3PL The Storage Place has taken a 10 year lease on a 100,000 ft2 plus warehouse in Peterlee, Sunderland.
By Liza Helps Property Editor Logistics Matters
THE PROPERTY known as Unit 1 Fiennes Road is owned by Buccleuch Property and sits on a 5.17 acre self contained site. It was snapped up within six weeks of the previous occupier, Bristol Laboratories, vacating the building.
The property is located on the North West Industrial Estate and comprises a 100,340 ft2 modern high bay facility built in the mid 1990's.
Buccleuch Property acquired the warehouse in 2018 for £3.75 million reflecting a net initial yield of 7.93%. The property was let at a rent of £3 per ft2 at the time. Rents in the area now stand at £6.25 per ft2 for Grade A buildings.
Frew Pain & Partners advised The Storage Place, while Avison Young and Naylors Gavin Black acted for Buccleuch Property.
