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Newcastle, 28 September 2012 – A major production facility in Washington, Sunderland has been sold for the asking price of £3.33 million on behalf of owners and former occupiers TRW Automotive.
The investment team at Jones Lang LaSalle’s Newcastle office completed the deal, selling the property to a private investor at a price which equates to a net initial yield of 9.5%.
The deal comes just a few months after Jones Lang LaSalle’s agency department successfully let the unit on a 10 year lease to Nissan supplier SNOP. The Project Services and Development team at Jones Lang LaSalle also carried out £320,000 of enabling works on behalf of TRW to secure the letting.
Dickon Wood, Investment Director at Jones Lang LaSalle who acted on behalf of TRW commented: “The commercial market remains very challenging but in this case, our client and my agency colleagues were able to create an attractive investment which appealed to a number of investors and we were able to achieve our asking price within a tight timescale.”
The 150,000sqft warehouse sits on a 12 acre site and comprises a large warehouse/production area, an internal two-storey office block, a secure yard with extensive car parking facilities and expansion land. The property is conveniently located on Rainhill Road in an established industrial location just half a mile from the Nissan car production plant.
Eddie Earle the TRW Corporate Property Manager said: ‘TRW is very pleased that the property has sold quickly and at the asking price. We are delighted with the contribution that Jones Lang LaSalle has made to bring about the letting and subsequent sale of the property. It has been a pleasure to work with them”.
SNOP is currently investing £6m refitting the factory which will be used for assembling panels for the frame of Nissan’s popular Qashqai model. The company is expanding its UK operations to keep up with growing demand and say the new plant will create around 130 jobs