Millfield Estates has acquired the 4,053 sq ft Unit 9 warehouse at the Arcot Court, Cramlington, from the owner occupier R Arnott & Sons Ltd. The unit was bought for £245,000 from Knight Frank who sold it on behalf of R Arnott & Sons and a sale and leaseback deal that will ensure that the property stays in the firm’s ownerships for the next 125 years has been agreed.
“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,” said Paul Dobson, property director for Millfield Estates.
“R Arnott & Sons Ltd and Knight Frank were both very co-operative with this deal and helped resolve arising from the transaction.”
R Arnott & Sons Ltd will now pay £20,300 rent per annum to provide their gas engineering services to the region from Arcot Court.
“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,” commented Trevor Arnott, managing director for R Arnott & Sons Ltd.
Arcot Court consists of nine industrial units totalling 89,140 sq ft and is home to a host of well-established tenants including Wingrove Motor Company and Printed.com, making it one of Millfield Estates’ largest properties on their portfolio. The company has built a substantial portfolio of industrial estates, trade counter developments, offices, and prime retail units spread throughout the UK.