£1.7m investment into Staffs property
Investment agency Altitude Investments has completed a commercial property deal worth £1.7m in Newcastle-under-Lyme. The agency was acting on behalf of a South African fund which has purchased a warehouse on the Parkhouse Industrial Estate.
The deal provides “long income” for the fund and discussions have already taken place regarding lease negotiations with both the head and sub tenants, said Exeter-based Altitude.
The investment has a value of more than £1.7m and offers a net initial yield of more than 8 per cent.
George Turnbull, director of Altitude Investments, said: “We are very pleased to complete this deal; we have worked through some interesting complications along the way but have reached a very happy conclusion for both parties. At Altitude, we are still seeking more stock and have numerous retained requirements that we need to satisfy.
"It’s been a busy and productive year, with yet more to do but most importantly are looking forward to a manic 2011.”
