Rokeby Developments has sold two units at its Preston Farm Industrial Estate in Stockton, Cleveland, for a sum in excess of £5m
The sale represents a yield of around 6.75%.
Unit 1 Lockheed Court, which is leased to Stockton Borough Council’s housing management company Tri-Star Homes, has been sold to St Cuthbert’s Newcastle Estates, a privately owned property investment company.
Unit 2, which is let to house builder George Wimpey North East, has been sold to the Trustees of the St Mary the Virgin Estate Management.
Rokeby declined to reveal the actual sums received from each party.
Nick Fordy, director of Rokeby Developments, said, “Preston Farm has been a hugely successful development, not just for Rokeby Developments, but for the area.
It also reflects the need presently lacking in Teesside – for high quality office space to suit a range of business types, as market demand for this type of accommodation continues to grow.
Rokeby was advised by Dodds Brown. Lamb & Edge advised both St Cuthbert’s Newcastle Estates and the Trustees of the St Mary the Virgin Estate Management.
References: EGi News 19/07/05
