King Sturge - North Tyneside, New York Industrial Estate

Date: 11 Feb 2010

Cope Allman Jaycare has successfully completed the sale and leaseback of their modern industrial unit on New York Industrial Estate, North Tyneside. The 56,276 ft² unit has been sold to a local private investor client of Storeys SSP for a price of £2,830,000 which reflects a net initial yield of 8.82%.

Cope Allman bought the property as part of the acquisition of Jaycare Limited which was in administration in March 2008. The sale of the property was part of the original strategy to fund the purchase and the proceeds of sale will be ploughed back into the operational side of the business. The company is a market leader in the supply of rigid plastic packaging for pharmaceutical and healthcare industries.

Dickon Wood, head of investment at King Sturge in Newcastle, advised Cope Allman Jaycare on the sale and added "the strong covenant and long lease to an excellent company like Cope Allman Jaycare meant we had a very attractive product which was well received and keenly contested by a number of investors. We have successfully undertaken a number of sale and leasebacks for the likes to Cope Allman Jaycare, Wincanton Logistics and Christian Salvesen and it remains a recognised way to fund company expansion".

Where do I go now?: » View the latest news items » View the news archive » Subscribe to Weekly Property Newsletter » Submit news