Commercial Property News

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Friday, January 04, 2024

The Furniture Factory in Teesside changes hands

The Teesside base of The Furniture Factory has changed hands for 2.6 million.

UK Land Estates has bought the 87,500 sq ft industrial building at Teesside Industrial Estate, Stockton-on-Tees, from Teesland IOG.

The deal comprises a capital value of 30 per sq ft and a net initial yield of 7.08 per cent.

The Furniture Factory is currently paying 214,700 per annum with 14-years un-expired on its lease.

James Pollock of the Leeds office of property consultancy Knight Frank advised UK Land Estates.

He commented: "This was a straight-forward off-market opportunity that underlined the resilience of the investment market in the area. Teesside has had some poor publicity recently, which I believe is unjustified. This deal, with a good covenant and yield, was an attractive investment opportunity for my client."