New Leaseback Deal Agreed with £245K Purchase at Arcot Court
Millfield Estates has expanded its ownership at Arcot Court in Cramlington with a new leaseback deal agreed. The company has acquired the long leasehold of Unit 9, a 4,053 sq ft warehouse.
The unit was bought from the owner-occupier, R Arnott & Sons Ltd, for £245,000. The deal was completed with the help of Knight Frank, who acted on behalf of the seller.
This was a sale and leaseback agreement. It means R Arnott & Sons will now lease the property from Millfield Estates. They will pay £20,300 per year in rent and continue offering their gas engineering services from the site.
Millfield will now hold the lease for the next 125 years.
Paul Dobson, Property Director at Millfield Estates, said about the new agreed leaseback deal:
“We’re pleased to grow our ownership at Arcot Court and support the restructuring of R Arnott & Sons. This is a great industrial estate, just eight miles from Newcastle. It’s a prime spot for business.
“Both R Arnott & Sons and Knight Frank were very helpful in agreeing this new leaseback deal.”
Trevor Arnott, Managing Director of R Arnott & Sons Ltd, added:
“We’re thankful to Paul and the Millfield team for making this process smooth. Arcot Court is one of the top industrial estates in the North East. Staying here was an easy choice for us.”
Arcot Court has nine industrial units, covering a total of 89,140 sq ft. It’s home to many established businesses, including Wingrove Motor Company and Printed.com. It’s one of the largest properties in Millfield Estates’ portfolio.
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