Firm completes sale and leaseback deal
Millfield Estates has increased its ownership at Arcot Court, Cramlington, after agreeing 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, which sold the unit for £245,000 on behalf of R Arnott & Sons, Millfield Estates negotiated a sale and leaseback deal that will ensure the property stays in the firm’s ownership for the next 125 years.
R Arnott & Sons will now pay £20,300 rent per annum to provide its gas engineering services to the area from Arcot Court, which has nine units.
Millfield Estates property director Paul Dobson, pictured with Trevor Arnott of R Arnott & Sons, said: “We’re pleased that we’ve been able to both extend our ownership of this exceptional industrial estate and facilitate restructuring of R Arnott & Sons.”