New leaseback deal and £245K sale at Arcot Court
We’re proud to announce increased ownership at Arcot Court, Cramlington, after agreeing a deal on the long leasehold acquisition of the property’s 4,053 sq ft Unit 9 warehouse, from the owner occupier R Arnott & Sons Ltd.
Working with Knight Frank who sold the unit for £245,000 on behalf of R Arnott & Sons, Millfield Estates negotiated a sale and leaseback deal, which will ensure that the property stays in the firm’s ownership for the next 125 years.
R Arnott & Sons Ltd will now pay £20,300 rent per annum to provide their gas engineering services to the region from Arcot Court.
Paul Dobson, property director for Millfield Estates, commented:
“We are pleased to have been in a position to both extend our ownership of this exceptional industrial estate, while also facilitating the restructuring of R Arnott & Sons. Arcot Court is a thriving property in the North East, just eight miles from Newcastle city centre, making it a prime location for industry.
“R Arnott & Sons Ltd and Knight Frank were both very co-operative with this deal and helped resolve arising from the transaction.”
Trevor Arnott, managing director for R Arnott & Sons Ltd, said:
“We’d like to thank Paul and the Millfield Estates team for leasing the property to us, with Arcot Court regarded as one of the best industrial estates in the North East. We have always been a part of Cramlington’s thriving industrial scene and Millfield Estates made the decision to stay within Arcot Court incredibly easy for us.”
Comprising nine industrial units totalling 89,140 sq ft, Arcot Court is home to a host of well-established tenants including Wingrove Motor Company and Printed.com, making it one of our largest properties in our portfolio.
As seen on…