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Yorkshire’s Leven Estates acquires £4m Middlesbrough industrial hub

Yorkshire-based Leven Estates has acquired industrial property Raleigh Court at Riverside Business Park, Middlesbrough, for £4m.

The investment agency team at Newcastle’s Naylors Chartered Surveyors completed the deal on behalf of Leven, the firm’s first major post-Brexit investment transaction.

Raleigh Court comprises a terrace of eight units totalling 112,000 sq ft, with individual sizes ranging from 10,120 sq ft to 19,725 sq ft. Occupiers include Middlesbrough Council, Royal Mail Plc (triple unit) Owen Pugh Ltd, Park Electricals Ltd and Typhoon International.

Naylors has worked with Leven Estates on multiple transactions in the past, most recently announcing the acquisition of a Travelodge Hotel adjacent to the Metro Centre in Gateshead for £3.7m, which completed earlier this year.

Fergus Laird, head of investment at Naylors commented: “Whilst investment demand fell immediately prior to and after the referendum, the market has stabilised and we are pleased to report activity levels are as strong as they were pre-Brexit.

“Time will tell if these levels of activity will be maintained, however assets such as this one which offer high and stable income remain in high demand.”

He continued: “Raleigh Court presented an ideal investment opportunity to our client, offering good quality industrial accommodation within one of Teesside’s prime commercial estates, where there is a strong manufacturing market.

“The estate benefits from an excellent line up of occupiers, with two recent lettings and a lease renewal demonstrating strong tenant demand.”

The estate was sold by Simon Beanland of GVA Bilfinger on behalf of a Fund, he added: “We were pleased to complete on the sale of this industrial investment, which took place over both sides of the Brexit vote. The sale meets with the client’s aims to disinvest of smaller holdings within their portfolio.”

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