A large section of Aycliffe Business Park has been brought to the market with an asking price of £7m.
Commercial property specialist Naylors has been appointed to sell Whinbank Park – at the heart of Aycliffe Business Park – on behalf of Manchester-based property company MCR Property Group.
The 18-acre estate comprises of over 90 industrial units and office suites, and is tenanted by a total of 47 businesses including Techwax, Fabtech and Trinity Kitchens NE.
MCR, which acquired the estate in 2015, has instructed Naylors and joint agent Allsop to market the freehold investment, which offers investors a net initial yield of 9.4%.
Chris Donabie, director at Naylors, said: “Multi-let industrial investments continue to be a sought after commodity and we anticipate Whinbank Park will attract a high level of interest.
“The estate offers a number of opportunities to improve the income proﬁle, such as refurbishments, letting the vacant accommodation and regearing leases.
“Even without such initiatives, this investment offers opportunities for rental uplift in line with current market levels. There are also over seven acres of development land which offer further scope for increasing the returns.”
Being the largest commercial estate in the region, Aycliffe Business Park extends to almost 1,000 acres and is home to 500 companies employing 10,000 people.
Rob Roddy, commercial asset manager at MCR Property Group, added: “As a company, our vision has been to add value to Whinbank as part of our larger commercial portfolio.
“Over the last three years, we have undertaken numerous improvements to the Whinbank site and as a result, have stabilised the rental income. The estate is proving extremely popular with occupiers and is now almost fully let.”
With a total area of 285,000 sq ft, Whinbank Park carries a contracted rental income of more than £780,000 a year.
In November last year, MCR Property Group acquired the 10-acre Langton Business Centre on Aycliffe Business Park in a £1.85m deal.